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The Ethereum price has been battling with the $1,686 key support region for weeks now! And despite multiple trials, the ETH price has failed to break through this $1,686 support level, showing how important this price region is to the ETH trend.
In this Ethereum analysis, we will be talking about why this $1,686 support region is so important to the ETH trend, and what we need to see play out in the coming days.
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Why Is $1,686 So Important?
This $1,686 Ethereum key level has been in play since 2022! This price region has been affecting the trend and serving as a key region for buyers and sellers to dominate the market.
With this amount of Historical price data, we expect to see more professional traders pay close attention to it. This makes it very important for us because how Ethereum reacts to this level will have a lasting impact on the direction of the ETH market for the next few weeks.
Possible Price Scenarios
There are only two possible price scenarios: Will Ethereum break through the $1,686 key support level or will it not?
If the bulls can manage to keep on defending this key 4-hour support region, we can expect to see even more bullish pressure begin to develop and a potential rally play out in the Ethereum price in the coming days.
However, if the ETH price finally makes the break and closes below the $1,686 support zone, this could be the start of a much larger sell-off for the Altcoin.
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