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The crypto market is currently trading in a sea of red as news of the Russian invasion of Ukraine is causing panic across the globe.
This panic selling of risky assets by investors was also seen playing out on the Ethereum price. In just today alone, Ethereum has lost more than -9% in its value.
However, the question traders are asking is will this initial panic sell-off stop, or will it lead to a much larger downtrend for the Altcoin?
In this Ethereum analysis, we will be talking about the major support the ETH price is currently testing on the Daily timeframe and how this level could better help us predict if Ethereum would continue selling off or not
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Ethereum Key Support!
For the past few weeks now, we have been talking about the major ETH support that has been holding prices up since last year.
This key support has been tested over and over again and has remained strong, but will it continue to remain strong for Ethereum?
Right now ETH is testing this key level again on the Daily timeframe, and the ETH bulls are fighting to keep the price above it. We will be keeping a close eye on this level to see what will happen in the coming days.
What Can We Expect If Price Breaks Through?
If Ethereum fails to respect and continue to trade above this key level, there is a very high probability that we might see a massive sell-off in price once the Altcoin breaks through it.
The next key level we can expect the price to get to would be the $1,706 horizontal price level. This sell-off is about a -30% dump in the Ethereum price and would be a much larger price movement down for Ethereum.
Final Verdict!
Ethereum is trading at a critical level right now on the Daily timeframe. If the price breaks through this key support, there is a very high probability that we might see another round of selling in the coming days.
However, if the ETH bulls manage to keep Ethereum above this key support, we might still have a fighting chance to push the Altcoin price higher.
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