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Our bullish prediction on Ethereum Must Read Ethereum Testing $4k Key Support! What Next? is playing out exactly as we saw the Altcoin price hold and respect the $4k key support level in the 4-hour timeframe.
This bullish support provided the much-needed buying power to stop the brutal sell-off that drove the Ethereum market down yesterday. But how long will this bullish rally last and what are the key levels we should keep an eye on in the coming days?
Is the crypto sell-off over or should we expect to see more bearish price movement in the coming days?
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Ethereum $4k Key Support!
The Ethereum price surged more than 7% today after the Altcoin respected and held the $4k key support on the 4-hour timeframe.
This $4k support is very important to the ETH bulls and plays a major role as to what direction the Ethereum trend will take in the coming days. But right now, the Ethereum price is trading within a 4-hour support region and it will not be surprising to see the price range sideways for a bit before finally breaking out to the upside.
Ethereum Still Very Bullish!
Our bias on Ethereum is still very bullish, we believe there is a very high probability that the ETH price will continue to rally to new ATHs in the coming days.
However, for this Ethereum bullish bias to remain valid, it is important for the Altcoin price to continue to respect and trade above the $4k key support.
A break below this 4-hour key level only invalidates this Etthereum bullish prediction and points to more weakness and a potential sell-off for the Ethereum price in the coming days.
Final Verdict!
Ethereum is still trading at a critical level in the 4-hour timeframe. As far the ETH price continues to trade above this $4k key support level, we will remain bullish on the Ethereum price.
However, a price break and close below this key level only invalidate this bullish bias and point to a potential sell-off to come.
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