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In our previous Ethereum analysis, ETH Setting Up For A Massive Move Soon! Get Ready We identified the ranging market the Ethereum price was trading in and warned our readers of the potential move that might play out from this ranging market in the coming days.
Well, that move played out today! We saw the ETH price break out of the price range it has been in for the past few days and sell off more than -5% in just today alone.
In this ETH analysis, we will be breaking down What this price sell-off means for the ETH price and the important key level we are watching right now.
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Is Ethereum In Bearish Territory?
The sell-off we saw play out today on Ethereum does not indicate that the Altcoin is in the bearish territory yet. We are still trading above a major support zone in the 4-hour timeframe.
This $1,928 support level is very important because, if the ETH bulls can defend this 4-hour support, there is a very high probability that we might see a price bounce and rally back up in the coming days for Ethereum.
However, if this $1,928 level gets violated, there is a very high probability that we might see the ETH price push lower instead.
So for now, we are keeping a close eye on this $1,928 key support to see if the ETH buyers will start stepping in to defend it.
Final Verdict!
The Ethereum price is not in a bearish trend as of yet! Instead, we are seeing the Altcoin price test a major support level in the 4-hour timeframe.
If the ETH bulls can defend this key $1,928 price level, there is a very high chance that we might see an Ethereum price bounce and rally higher in the coming days.
The question now is, can the Bulls defend this $1,928 key support?
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