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In our previous Ethereum analysis Urgent: Is The Ethereum Sell-Off About To End? Watch This Key Level we talked about the converging triangle pattern and how the resistance channel of that pattern could become a major support for the Ethereum bulls.
Well, that prediction is playing out. Ethereum is currently bouncing off that 4-hour key level. And in this Ethereum analysis, we will be going a step further, trying to break down what we believe might happen next and the key levels we will be keeping our eyes on.
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Ethereum Bulls Not Out Of The Woods Yet!
We are going to be really honest with you, Ethereum is still looking weak and the bulls are barely hanging in there.
The line in the sand is the $2,952 key support/the new low price formed yesterday. For Ethereum to remain bullish and even have the hope of rallying higher as the days go on, the Altcoin price must stay above this key $2,952 horizontal support in the 4-hour timeframe.
This is the only chance the ETH bulls have to fight and take back control of the Ethereum market, ending the bearish trend we have been witnessing for weeks now.
Final Verdict!
The Ethereum price is trading at a key support level in the 4-hour timeframe. This $2,952 price level is the only thing standing in the way of more bearish price action and sell-off.
The question now is:
Can the Ethereum bulls defend this $2,952 key level and potentially push the price up from here or is it already too late?
In the coming days, we will be keeping our eyes on the ETH price action to see how the ALtcoin reacts to this key level but for now, we stand aside and wait for bullish or bearish confirmation.
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