According to the price analysis by Peter Smith, a financial analyst at dagx.live crypto trading platform, Ether (ETH) has been struggling to rise above the moving averages. This shows that buying dries up at higher levels. The failure to push the price above the moving averages will attract sellers who will attempt to break down the cryptocurrency below the support and resume the down-move. The 20-day EMA has been moving down gradually, which shows that bears have a slight advantage.
However, if the bulls can push the price above the moving averages, it will indicate demand at lower levels. Above $185.566, a rally to $223.999 and above it to $235.70 is possible. This will keep the ETH/USD pair range-bound between $163.755 and $235.70 for a few days. Therefore, aggressive traders can hold the long position with a stop loss at $160.