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In our previous Ethereum analysis Must Read: Ethereum Just Broke Through This Key Level! What Next?, we talked about the ETH price being in the bearish territory and the key level the price needs to break to get back into the bullish territory.
Well, that level was tested and rejected once, and right now, the Ethereum bulls are about to test it again on the 4-hour timeframe. Can they break through it this time around?
In this Ethereum analysis, we will be talking about this key resistance level on the 4-hour timeframe, breaking down both the bullish and bearish price scenarios that might play out in the coming days.
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Ethereum Key Resistance
This 4-hour key resistance is the line in the sand that separates the Ethereum bullish territory from the bears dominated part.
As far as Ethereum continues to trade below this key level, there is a very high probability that we might see more sell-off in the ETH price. This makes it very important for the bulls to push Ethereum back above it soon!
Ethereum Bullish Price Scenario
For the Ethereum bullish price scenario, we want to see the ETH price breakthrough this 4-hour key level and close above it. This would push the Altcoin back into bullish territory, opening the way for an even further rally in price as time goes on.
Until price can break through this 4-hour key level, we just continue to experience more bearish pressure pushing the ETH price lower.
Ethereum Bearish Price Scenario
The 4-hour key level is the land in the sand for us. If Ethereum stays below this horizontal price level, there is a very high probability that we might see another price sell-off play out soon!
This makes this horizontal resistance one of the most important price levels to watch for in the coming days.
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