Ethereum Confined Between $1,300 and $1,600 as Sellers Threaten to Short

[Btceth01]

Since March 1, Ethereum has been trading below the $1,600 resistance. Buyers are attempting to break the recent high but to no avail. Each attempt at the resistance will result in the price falling to the previous lows.

Yesterday, Ether price retested the resistance and it was repelled. The bears appear to have the upper hand above the bulls after the February 23 breakdown. For instance, the bears will sell each rally made by the bulls.

At other times, the bulls will buy the dips after a deeper correction. On February 23, buyers made a rally to $1,700, but the bears sank Ether to the low of $1,300. The price tussles continued as buyers pushed the price to $1,600. In March, the ETH price has been fluctuating between $1,300 and $1, 600. Incidentally, if the bulls break the $1,600 resistance, the market will resume upward movement. However, if the bears break the $1,300 support, the ETH/USD will further decline to a $1,000 low. source link