Ether (ETH) has been trading below the moving averages for the past three days, signaling weakness. The bulls are attempting a relief rally today but the pullback may face selling by the bears at the 20-day EMA ($1,711).
If the price turns down from the 20-day EMA, the bears will try to sink the ETH/USD pair to $1,500 and then $1,289. The marginally downsloping 20-day EMA and the relative strength index (RSI) just below the midpoint suggest a minor advantage to the bears.
However, if the bulls can push the price above the moving averages, the pair may rally to the downtrend line. A breakout of this line will open the doors for a retest of the all-time high at $2,040.77.