The level of 3150 dollars once again proved to be impassable for Ethereum. The scenario is repeated. On September 23, after the ETH/USD pair rose above 3150, the bears activated and dropped it to the area of 2800. Yesterday, the ETH/USD pair showed a similar movement. At the time of publication, the ETH/USD pair is moving around 2900.
It looks like the ETH/USD pair is moving in the range of 2770- 3150 dollars. The bulls and bears are not strong enough to push the price of Ethereum out of this range. As a result of a new decline from 3150 dollars, the ETH/USD pair dropped below the 100-hour moving average and formed a short-term downtrend line. This line limits the growth of the ETH/USD pair around the level of 2950 dollars.
As a result, the ETH/USD pair again received immediate resistance around 2950. Further, the level of 3000 dollars provides significant resistance, but the bulls will be able to pass once again. The level of 3150 remains unattainable for the ETH/USD pair so far.
If the ETH/USD pair continues to decline, it may stop at the immediate support area of 2920. Further, the level of 2770 provides strong support for the ETH/USD pair.
Apparently, in the short term, it makes no sense to talk about an increase in the price of Ethereum. Ethereum’s price will only rise after it breaks out of the above price range. The bulls should target the 3200 mark. The daily candlestick must close above this mark to shift the aspect to the bullish side.
At the moment, the RSI shows that sellers control the market.