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In our previous Ethereum analysis, ETH Push Lower Continues! Is This The Start Of a Bear Trend? we talked about the bigger picture for Ethereum and the key resistance zone the Altcoin price failed to break out from recently.
By failing to break through this $2,359 resistance zone in the 4-hour timeframe, the ETH bulls showed weakness in the Ethereum price rally, allowing sellers to capitalize on it and try to push the Altcoin price lower.
In this Ethereum analysis, we will be breaking down the key support the ETH price is currently testing and the possible price scenarios we will be watching out for.
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ETH $1,800 Key Level
The Ethereum price is currently testing a minor level in the 4-hour timeframe. We have seen the ETH price respect this minor level before in the past and we expect to see another reaction from this price level in the coming days.
However, we still do believe that the Ethereum price is currently in a bearish trend and there is a very high probability that we might see this $1,800 key support give way sooner or later.
But for now, that level is still holding so we will keep on watching the price closely to see what it would do in the coming days.
Possible Price Scenario To Consider?
If the $1,800 key support continues to hold, there is a very high probability that we might see a price bounce in the coming days before the sell-off resumes.
We are still very bearish on Ethereum for now and we will keep watching the Altcoin develop closely. If the price can break through the $1,800 key support, there is a very high probability that we might see a more than -10% dump in the price of Ethereum.
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