ETH broke above the 50-day SMA ($2,512) on Sept. 20, indicating that the bears are losing their grip.

The bulls will try to push the price to the breakdown level of $2,850. This is an important level for the bears to guard because a break and close above it will suggest a potential trend change. The ETH/USDT pair may attempt a rally to $3,400.

If bears want to retain control, they will have to swiftly yank the price back below the moving averages. The next leg of the downtrend could begin if bears pull and maintain the price below $2,111.