Despite Moving towards a High Price, ETH’s Strong Rally Still Lies with Implementation of Upgrade

On June 20, the trading price of Ether (ETH) was oscillating between two particular ranges. These ranges were reportedly $1,200 and $1,050. Although the back and forth movement of ETH showed low volatility, still, the bulls did not lose their confidence in the rally.

They continued with their strong sentiments and kept pushing forward. Although the bears tried hard to pull the price of ETH lower, the bulls did not give up. Eventually, the trading price of ETH ended up experiencing a high trend on June 24.

The strong sentiments of the bulls have helped push the trading price of Ether over the $1,200 mark. Now, the bulls are attempting to push the trading price of Ether to a high of $1,332. It is currently the 20-day EMA for ETH.

Negative Sentiments in the Price of ETH

As the price of Ether comes close to the 20-day EMA, the resistance from the bears’ end may continue rising. Over time, the bearish sentiments may continue escalating and if the situation is not brought under control, the trend may continue siding with negative sentiments.

For now, ETH’s price is moving higher. If the price of ETH ends up turning down from the ascending track, then it would suggest a negative trend is in order.

The data will suggest that the bears still have the trend in their control and they may continue moving ETH into the negative zone. The data suggests that the bears may continue selling ETH whenever a strong rally is formed.

If the price of ETH turns down, then the bears may gain more confidence and start pulling ETH lower. They may attempt to bring the price of ETH lower and if their sentiments remain strong, then the selling spree may continue.

Such sentiments would result in dragging down the price of ETH to a low of $1,050. This would act as a strong support mark for ETH and if the situation does not change, then the price of ETH may continue dipping. As the selling spree continues, the trading price of ETH may dip to $881.

Upward Movement of ETH

In the case where the bulls are able to demonstrate a stronger power, then the price of ETH may succeed in hitting and crossing $1,332. If that happens, then the bulls will gain the confidence of launching another strong bullish rally.

This will result in pushing the trading price of ETH above the $1,500 mark. Going forward, the trading price of ETH may move over to $1,700. However, if the ‘merge’ gets deployed, then the trading price of ETH may elevate at a tremendous rate. However, the particular injection of the strong rally may not be implemented until October of 2022.

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