According to the latest ETH trading data, the price of ETH is hovering between the MAs. It was expected that the trading price of ETH would move in the bearish zone.
However, the bulls became active and they started to push ETH into the higher bullish zone. It was on February 14, when the bulls were able to achieve a rebound.
The bulls increased their buying power, which was able to push ETH above $1,483, the 50-day SMA. The bulls did not allow the bears to increase their selling pressure to pull ET below the $1,483 level.
This resulted in rebounding the trading price of ETH over the particular mark. By demonstrating strong buying, the bulls have shown that they are buying ETH at lower levels.
The bulls may continue with strong buying at the lower levels to push the asset’s price higher. The data shows that the $1,569 mark, which is the 20-day EMA is flattening.
ETH’s RSI is also moving close to the midpoint. This means that the sentiments of the investors are growing bullish. It suggests that the bears may not be able to pull the trading price of the asset into their corner.
The bulls are constantly pushing the trading price of ETH closer to the $1,569 level. If the buying power of the bulls keeps on growing, the trading price of ETH may surge to a high of $1,680, the overhead resistance level.
On the other hand, if the bears take control of the trend, then the price of ETH may fall to a lower level. As the selling pressure continues to grow stronger, then the trading price of ETH may dip to $1,352.
Binance Coin (BNB)
As for Binance Coin, the situation turned negative for the asset a day earlier than for Ethereum. It was on February 13, when BNB’s trading price recorded a downtrend.
The price of BNB had plunged to a low of $293, the 50-day SMA. As the price plunged, the bears were under the impression they would be able to pull BNB’s price even lower.
The data shows that as the price of BNB came close to hitting $280, the bulls were triggered, forming a strong rally.
This is when the trading price of the asset started to get pushed higher. However, this does not mean that the bears have given up on their selling power.
They may continue increasing their selling pressure and may want to pull BNB’s price even lower. The statistics show that the bears may attempt to pull BNB’s price to $260.
However, the RSI is slowly moving in the bullish zone, suggesting a rally might be underway. If things work out fine, then the trading price of BNB may surge to higher levels.