By Mark Ackman
For the past few days, the trading price of Ether (ETH) is hovering around $1,364, the 20-day EMA. Despite the selling pressure of the bears, the bulls have continued buying ETH aggressively.
Buyers are Determined
The trading price of ETH is currently hovering around the 20-day EMA, which can be considered a resistance level.
The reason to consider it a resistance level is because the bears are demonstrating a strong selling power to defend this level. They have been exerting high selling pressure over the bulls to turn them around.
This way, the sellers would be able to form a strong selling trend that continues pulling ETH’s trading value.
Buyers are Not Giving Up
The scuffle between both sides has been going on since October 4 but neither of the sides seems to have given up.
The bulls are aiming to win against the bears this time and push ETH’s price higher. They want the rally to continue so ETH’s trading price can continue recovering.
If the recovery manages to stay put, then ETH’s price would experience a significant jump.
ETH’s Jump over $1,410
At present, the bulls have been working really hard to keep the rally going. Their aim is to keep the bullish trend powered enough to push ETH over 20-day EMA.
As the price of ETH rises over a particular level, the next target for the bulls would be to push it over the horizontal resistance line.
At the time of writing, the horizontal resistance line for ETH is at $1,410. If the bulls build enough buying force, they will be able to push ETH into a stronger resistance zone.
If ETH manages to break out of the descending line, then ETH would continue experiencing stronger rallies that would help its price rise significantly.
While pushing ETH to a higher level, the bulls will need to keep in mind that the bears may resist with great selling force.
ETH’s Decline due to the Merge
With the Merge’s implementation, ETH transitioned from PoW to PoS protocol. Many thought it would be a major breakthrough for all kinds of investors.
Unfortunately, the PoS protocol is proving to be useful and promising mainly for corporate and major investors. As for individual or small-level investors, things are not looking good.
The PoS protocol requires a great amount of time and dedication to set up to perform activities. Many of the common and individual investors complained about the difficulty of the protocol.
Therefore, the protocol has started to lose its user base, which would cost it tremendously by losing its value.
According to market experts, if the developers of the Merge fail to deal with the situation, then ETH’s price may decline to $1,220.