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The Ethereum price is currently trading at major support in the 4-hour timeframe. This $1,477 zone is very important because a price break below it could mean a potential end to the Ethereum bullish rally.
In this Ethereum analysis, we will be breaking down why this key support is very important and what happened to the Ethereum price the last time it failed to hold on to this $1,477 key level.
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ETH $1,477 Support. Will History Repeat?
The last time the Ethereum price failed to hold on to this $1,477 key support zone in the 4-hour timeframe, we saw a massive sell-off play out in the ETH price.
This sell-off saw the Altcoin price crashing more than -25% in a matter of days! This crash in price dashed the hopes of the ETH bulls and led to the end of the potential rally we were seeing play out during the end of last year.
Fundamentally, this massive sell-off in ETH also played out during the time FTX declared bankruptcy and went under with billions of clients’ funds missing.
Well, the Ethereum price is at this level again! And the question traders are asking is will this $1,477 zone hold this time or will we see another market panic that would cause us to crash again?
What To Expect In The Coming Days?
Well for now, the most important support for the Ethereum price is the $1,477 zone in the 4-hour timeframe.
This key level is both technically and fundamentally important for the ETH price and how the Altcoin reacts to it in the coming days will have a major effect on the trend direction the Ethereum price will take for a while.
If this key support continues to hold, there is a very high probability that the bulls have a chance to push the ETH price even higher in the coming days.
For the full breakdown we are currently watching right now in the ETH price, check out our previous ETH TA ETH Ranging Market Continues! Where Will Price Break Out To?
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