$ETH The Ethereum (ETH) bulls are trying to push the price back above the 20-day EMA ($2,057) and the breakout level of $2,111.

ETH/USDT daily chart | Source: TradingView

If successful, this will signal that the market has rejected the bearish scenario below $2,111. At that point, the ETH/USDT pair could rise to the 50-day SMA ($2,356) and then to $2,550.

Time is running out for the bears. If they want to maintain their advantage, they must defend the $2,111 level and quickly push the price below $1,750. If this happens, the downtrend could continue toward the important support area at $1,550.