Talk about the trend of Ethereum
Last Friday, the price fell below the 20-day moving average ($2,487) and broke below the 50-day moving average ($2,481).
On Saturday, the sell-off continued, and the ETH/USDT trading pair fell below the support level of $2,323. Buyers attempted to push the price back above the breakout level of $2,323, but the bears sold off again, pulling the trading pair down near the support level of $2,111. The bulls will do their utmost to defend the support level of $2,111, as a break below this level could lead the trading pair to drop to $1,754.
At 4 AM, the price rebounded from $2,111, and the bulls will have to push the trading pair back above the 20-day EMA to indicate that the recent correction may have ended.
The trading pair may find support at the $2,111 level, but a rebound is expected to face strong selling around the decline level near $2,320. If the price drops significantly from $2,320, the bears will again attempt to push the trading pair below $2,111.
Conversely, if the bulls successfully hold the $2,111 level, the trading pair may form a range-bound fluctuation in the short term. The trading pair may fluctuate between $2,111 and $2,320 for a period. If the closing price breaks above the 50-day moving average, the selling pressure may weaken.
