Posted on January 23, 2023
Ether Faces Strong Resistance at $1,600, Bulls Eager to Push ETH to $2,000
With the start of 2023, investors started to pour huge investments in favor of all major cryptocurrencies. They kept adding more funds into the rallies to push the major crypto prices higher.
ETH was Flying High
Due to the strong rallies, the trading price of ETH was also getting pushed to higher levels. So far, the ETH price has hit high levels for the year 2023, which is a good sign.
It indicates that the entire crypto industry is surging and soon, ETH would be hovering at the same levels it did back in 2021.
However, things are not as easy as they seem. The bulls may have strong spirits but the bears have also not lost their confidence.
They want to demonstrate their selling power and for this purpose, they are challenging the bulls at all resistance levels.
As the price of ETH surged, it was for the first time in several months that the value of ETH had moved past the $1.5k barrier.
The bulls were filled with joy that they had managed to cross a major obstacle that they were not able to cross for months.
They had hoped that the situation would continue going in their favor and that is when the price of ETH got closer to hitting $1.6k.
This was the level where the bulls realized that the bear was not going to let them pass that easily. Until now, the bears have been giving a tough challenge to the bulls.
The bears have not let the bulls move ETH’s price over the $1.6k barrier. They have proven that they still have the upper ground and they will not let the bulls win every battle.
Bears to Move ETH to $1,400
With the bulls losing the challenge to the bears, the price of ETH has started to move downward.
The technical indicators are currently showing a neutral trend. This means that either side can pull the trend to their side.
Still, the bears have the upper hand and they may use it to their favor to pull the trading price of ETH even more in the upcoming days.
If the selling pressure of the bears keeps rising, the trading price of ETH may get pulled below $1,000, which is currently at around $1,521.
If that happens, then more investors will join the selling spree. This would cause the trading price of ETH to get pulled even lower. In the upcoming days, the trading price of ETH may get pulled to a low of $1,400.
In the case where the bulls fail to form any strong rally, then the trading price of ETH may fall deeper.