Ethereum’s ether rally to $3600 has not been without delays and struggles. Bulls are putting all efforts after the ETH tumbled under $3000 in September and tested support at $2650.
In several instances, ETH failed to clear the resistance at $3200 and fell into pullbacks below $3000. However, bulls put up an aggressive fight and took complete control of the market in October. Hence, they triggered the gains that recently touched the $3600 mark.
Reaching $4000 still seems like a pipedream considering Ethereum facing severe selling pressure in the supply area around $3600. Investors are set to expect a rundown to $3200 or $3400 in the next few days if ETH fails to close above $3600 today. Then it will become even more attractive to the bulls.
The supply zone in the red has rejected Ether’s supply pushing the move to $4000 far away. It is currently trading at $3,558 while writing amidst the war between bears and bulls. Moreover, the Moving Average Convergence Divergence (MACD) could soon send a sell signal. This signal will result in compelling more traders to dispose of ETH. So it is safe to say that as long as MACD keeps dropping toward the mean line, Ethereum will keep pulling down.
Meanwhile, the relative strength index (RSI) shows that the vendors are progressively gaining strength. The odds are in the favor of bears as the MACD reaches midline. Nevertheless, a continued drop to the oversold could trigger a sell-off.
