Ether Price Analysis
Ether recently turned down from the breakdown level of $2,850, suggesting that bears are trying to establish this level as a new resistance.
The ETH/USDT daily chart shows that if buyers can prevent the price from sustaining below the 20-day exponential moving average (EMA) at $2,717, it would indicate that dips are being bought. This could increase the chances of a rally above $2,850. A break and close above the 50-day simple moving average (SMA) at $2,971 would signal a potential end to the downtrend.
On the other hand, a sharp break below the 20-day EMA would suggest that bears are still in control, possibly leading the ETH/USDT pair to consolidate between $2,500 and $2,850 for a while longer.
