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In our previous Ethereum analysis, Ethereum Could Rally Soon! Watch This Major Support we talked about the $2,672 key support on the ETH 4-hour timeframe and how this could be a strong base for a bullish rally back up in the coming days.
But in this Ethereum analysis, we will be covering why this $2,672 key support is so important to Ethereum and what it means if the price fails to hold this 4-hour key support level.
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Why Is The $2,672 Support So Important?
The Ethereum $2,672 key level is the most important support for the Ethereum bulls right now because of the roles and effects it has had on the Ethereum price in the past.
This support has served as a major level for Ethereum bulls in the past, giving them the perfect base from which to push the ETH prices higher.
But it is also important to note what happened to the Ethereum price the moment the price of the Altcoin fell and traded below this $2,672 key support in the past.
This bearish move immediately turned the $2,672 level into key resistance, pushing prices even lower in the weeks to come. This historical event serves as a warning to what price might do if Ethereum falls below this key support again.
Can The Bulls Hold On To This Support?
In the coming days, we will be watching to see how price reacts to this $2,672 price level on the 4-hour timeframe.
If the bulls fail to hold on to this key support, there is a very high probability that we will see more sell-off on Ethereum in the coming days.
This sell-off could drive prices much lower and turn the $2,672 key level from potential support for Ethereum to a key resistance price must break before it can head higher again.
Final Verdict!
The Ethereum bulls have a big decision to make. Can they hold the $2,672 key level or should we expect to see more sell-off in the coming days?
However the Ethereum price reacts to this key level will have a major impact on the direction the Ethereum trend will take for weeks to come.
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