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The Ethereum sell-off just got worst! The Altcoin just broke through a critical support level on the 4-hour timeframe. This bearish breakdown is bad for Ethereum and simply means there is a very high probability for us to see more sell-off in the coming days.
The critical support we are talking about is the $2,720 horizontal level on the 4-hour timeframe. We talked about this key level in our previous analysis Ethereum Trading At Critical Support. Can This Stop The Sell-Off? warning our readers of the negative consequences of the ETH price breaking through this 4-hour level support
In this Ethereum analysis, we will be talking about the new key levels we are watching and what we believe might happen to the Ethereum price chart in the coming days.
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New Key Resistance For Ethereum!
The Ethereum sell-off is looking like it does not want to slow down yet! And the key level to watch is the $2,720 (previous support now key resistance) price level on the 4-hour timeframe.
The importance of this price level cannot be overstated because we might see renewed selling pressure come into the Ethereum market from this region in the 4-hour timeframe, creating a major barrier for the Ethereum bulls.
This makes this level very important to the ETH bull because as far as the Ethereum price continues to trade below this $2,720 key level on the 4-hour timeframe, Ethereum might just keep on selling off.
How Long Can We Expect This Sell-Off To Last?
We don’t know how long this sell-off might last, but the key level to watch is the $2,720 price resistance on the 4-hour timeframe.
For Ethereum to become bullish again, the ETH bulls must push Ethereum back above this $2,720 key level on the 4-hour timeframe.
Until a bullish breakout like this happens, Ethereum has a very high probability of just continuing to trend lower all the way down to the next major support at $1,708.
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