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The Ethereum price has been selling off for weeks now, this has led to a -44% correction in price from ATHs. The question traders are now asking is when will this sell-off be over?
Well, in this Ethereum analysis, we will be talking about the critical support the Ethereum price is currently testing on the 4-hour timeframe. And how this level might be the perfect spot for us to see buying pressure come back into the market in the coming days.
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Ethereum $2,720 Key Support!
The Ethereum price is currently testing the $2,720 key level on the 4-hour timeframe. This price level has served as major support for Ethereum in the past and might do so again in the coming days.
If this level holds, we can expect to see the ETH price bounce and begin to rally soon! This rally could be the start of the next bull run for Ethereum.
This makes it very important for the ETH bulls to defend this 4-hour key level at all costs. A price break below the $2,720 key level can only mean more sell-off for price.
Final Verdict!
The bearish pressure on the Ethereum price is still very strong. However, the $2,720 key support might be the major level we need to counteract this bearish sell-off in Ethereum.
If this 4-hour level holds, there is a very high probability that we might see the ETH price bounce and reverse back upwards in the coming days. However, if this level fails, the Ethereum sell-off might just continue on a little bit longer.
The question traders are asking now is “can the ETH $2,720 key level hold?“
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