Ether turned down from $3,335 on Aug. 16 and the bears tried to pull the price below the breakout level at $3,000 on Aug. 17 and 18. Although the price dipped below this support, the bears could not sustain the lower levels, indicating strong buying by the bulls.
The ETH/USDT pair rebounded off the 20-day EMA ($2,981) on Aug. 19, suggesting that bulls are aggressively defending this support. The buyers will now try to push the price above the overhead resistance at $3,335. If they manage to do that, the pair could start its journey toward $4,000.
Contrary to this assumption, if the price turns down from $3,335, the pair could again drop to $3,000 and consolidate in this tight range for a few more days. A break and close below $3,000 will be the first sign that bulls are losing their grip. The pair could then drop to the 50-day SMA ($2,311).