Ethereum failed to be suppressed by the bears below the rising trend line, showing a weakening of the selling pressure below. The bulls pushed the price up to the 20-day EMA on September 19 and further pushed it to the 50-day EMA on September 20, which opened up space for ETH to rebound to the $2,850 resistance level, where the bears are expected to re-attack.
If the bulls succeed in breaking through $2,850, the market will send a signal of rejection of the lows, and ETH is expected to rise further to $3,400. However, if the price falls back again and falls below the 20-day EMA, it shows that the bears are still in control, which may lead ETH to retest the rising trend line.
