Ether Bulls are trying to shake off Losses Trying to Rebound Asset’s Trading Price

The trading price of Ethereum (ETH) experienced a downtrend on Monday. The data shows that the trading price of ETH experienced a 1.27% dip on that particular day.

Due to the market downtrend, the trading price of the asset ended up falling to a low of $1,168 per ETH.

It was the fourth time that a trading day had recorded the trading price of ETH being below the $1,200 mark since November 28.

A Bullish Morning

The bulls were not happy to see the trading day for ETH end at a lower note, especially below the $1,200 mark. Therefore, they were determined to do something about the trading price of the asset.

The next morning (Tuesday) saw that the trading price of ETH was at a low of $1,195. However, the scenario was going to change tremendously, as the bulls were going to show their determination.

The bulls were ready to demonstrate their strong gaining sentiments to accumulate higher volumes of ETH throughout the day.

The bears were defending $1,196

Unfortunately, the bulls were not able to build their buying momentum right away as the bears were defending $1,196.

It was later realized that the $1,196 mark had shifted from being a strong support level to a strong resistance level.

This is when things changed tremendously and the bulls knew they were going to face an even more challenging situation.

As soon as ETH came close to hitting the $1,196 mark, the bears increased their selling pressure. They were able to create enough selling power that the price of ETH ended up falling to a low of $1,150.

Prior to hitting a lower trading market of $1,150, ETH had to break below the $1,171 mark. Although the bulls had built strong defenses at this mark, the bears were not ready to lose their selling momentum.

The bears kept selling ETH and were able to pull the asset’s price below the $1,171 mark. From there, the bears kept hitting the bulls with stronger selling pressure until ETH went to a low of $1,150.

The bulls Started to Pushback

Just as ETH’s price pulled to a low of $1,150, the bulls grew aggressive and they were able to push back. They were able to push ETH’s price to a high of $1,159 and then to a high of $1,168.

The reason why the bears kept growing stronger and managed to pull ETH to $1,150 was because of the rising fear of the recession.

The investors feared that the recession fear would force the Feds to increase the interest rates with more aggression. However, the bulls remained calmed and increased the interest rates as they had communicated.

With confidence coming back to the crypto market, the bulls were able to push ETH’s price higher, creating a rebound.

The NASDAQ Composite also took a major hit on Monday as it experienced a 1.49% decline due to the negative sentiments taking over the markets.

However, the recession fears faded, the investors started to return to the market and the prices of the major crypto assets shot higher.

Fortunately, the bulls were able to push ETH out of the red zone and brought it into the green territory.

Price Action of Ethereum

Throughout the trading day on Tuesday, the bulls kept building their buying momentum resulting in stronger rallies. This led to pushing the trading price of ETH over the $1,200 mark by the end of the trading day.

Even in the past 24 hours, the trading price of ETH has continued surging. The value of the asset reportedly surged by 3.65% in the mentioned period, pushing its trading price to a high of $1,120.

Even now, the trading price of the asset is worth $1,120 and things are looking bullish for the next few days.

Although much cannot be said about the price movement of ETH it is expected that if the bullish momentum continues, ETH’s price would surge to $1,250.

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