Bears Display Their Selling Power, Bring ETH Lower To $1,179

The price analysis for Ethereum (ETH) shows that the asset has struggled tremendously trying to maintain its bullish movement.

Unfortunately, the bears have continued proving their might against the buying power of the bulls. They have kept pulling the trading price of ETH, showing that the market sentiments are still bearish.

It is highly likely for the investors to move in the bearish direction than move in the bullish direction.

The bears have continued exerting their selling pressure on digital assets. This is the reason why they have managed to create enough dips to bring the ETH price to a low of $1,179.

The bears have been Successful

The past few trading days have proven to be very promising for the bears. This is because they have continued selling ETH on a large scale to move the asset into their territory.

Even the strong support marks have not been able to save ETH from losing to the bears. The bulls have found themselves outnumbered by the bears as they keep pulling ETH lower.

The Market Downtrend is helping the Bears

For now, the entire market is against the bulls this is because of the general sentiments of the investors that are leaning to the bearish side.

The bulls are finding no support in pushing ETH’s price higher. Whenever a small rally is formed, it is intervened by the selling pressure of the bears.

They are intercepting each rally by increasing their selling pressure. As a result, the trading price of ETH has continued to face a downtrend.

Even the latest trading session has leaned in favor of the bears, as the price of the asset has continued declining.

The price of ETH fell below $1,162

After defeating the bulls at the $1,179 mark, the bears are eager to go for another selling spree. Their next target is $1,162 and given the current market trend, they will be able to achieve it without fail.

It is also a key support level where the bulls may try and give a tough time to the bears. However, with no bullish factors coming in to support ETH, the asset’s trading price may continue falling.

The bulls may be able to hold the bears over a particular level for a brief period but not for long. The bears may eventually muster up strong selling sentiments and break below $1,162.

If the price falls below $1,162, then the bulls can forget a resurgence for a while. The only chance for the bulls to form a strong rally given the current circumstances is at $1,162.

They have to defend the level with all their might and not let the bears take any more control over the trend.

ETH Price May Plunge to below $1,000

It is important to mention that the RSI for ETH is currently in the negative zone. It is another bad news for the bulls that the RSI for ETH is still moving in the lower bearish territory with no signs of moving higher.

Given the current market condition followed by the sentiments, the ‘overselling’ factor has no value at all. Therefore, if ETH ends up taking another dip below $1,162, then things may become uglier for the crypto.

It may experience another major selling spree that may pull the trading price of the asset to a lower level. The bears may gain more confidence and strength, so they may keep increasing their pressure.

This can cause more problems for the bulls and they will have no choice but to step aside and let the bears conquer the trend. In that case, the trading price of ETH may end up falling below $1,000.

There is no positive factor that seems to be coming to save the day for the bulls. Even the chances of the Santa Rally have vanished given the current market downtrend.

The dollar price is also rising, pulling the value of ETH, making things even worse for the asset.

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