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After trading all day, the Ethereum price has barely moved an inch as the bulls and bears are currently fighting it out to see who will gain control of the $1,697 key level.
Why is this $1,697 level so important to the Ethereum price and what should we expect in the coming days? Find out all these and more in this TA.
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ETH $1,697 Major Resistance. Why Is It So Important?
The $1,697 key level is very important to the Ethereum price chart because
This $1,697 key level in the 4-hour timeframe has been respected over and over again by ETH for more than a year now.
This makes this level a potential game changer for the Ethereum trend, and how the ETH price reacts to this level will have a major effect on what the Ethereum trend will look like for the next couple of days/weeks.
The question now is who do we think will win this battle of dominance currently going on?
- If the price breaks through $1,697, we could be entering a major bull run!
- If the price fails at this $1,697 level, we could potentially see a massive dump for the ETH price
Final Verdict!
The Ethereum price trend is still undecided! The ETH price continues to trade around the $1,697 major resistance level in the 4-hour timeframe.
This level will play a major role in what the Ethereum trend will look like in the coming days. Will the ETH price break through this level or should we expect a massive sell-off soon?
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