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The Ethereum bulls are back with a vengeance, pushing the Ethereum price back to the key zone it was trading at before we saw the sell-off that occurred yesterday.
What does this push-up mean for the Ethereum price and do we think the $1,250 minor resistance zone would still hold in the coming days? Find out all these and more in this TA.
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Ethereum $1,250 Resistance Zone!
The Ethereum price is trading back at these $1,250 key zone in the 4-hour timeframe. We have seen how this level held during the last testing, meaning there is a very high probability that we might see it hold again in the coming days.
However, if this minor resistance zone gets broken, this would not affect our bearish bias on the Ethereum Altcoin. For our bearish bias to be invalidated/changed, we need to see the Altcoin price continue to push up and break above the $1,400 major resistance zone.
As far as Ethereum continues to trade below this $1,400 key zone, there is a very high probability that we will eventually see our bearish bias continue to play out.
Final Verdict!
We are still bearish on the Ethereum price chart for now. We believe this push higher in price is just a retracement in the much larger move down for Ethereum.
Once this retracement is over, we expect to see the Ethereum sell-off resume and continue pushing the Altcoin value down to our $1,070 bearish target.
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