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The Ethereum price closed the trading day deep in the red as we saw the Altcoin sell-off back down to the $4k key support level in the 4-hour timeframe.
This key support is very critical to the ETH bulls because it is the line in the sand that holds the Ethereum price in the bullish territory. A break below this key level will only push Ethereum into bearish territory!
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What Next For ETH Price?
The key level we are watching is this $4k price support region in the 4-hour timeframe. The Ethereum price is currently trading around this region as we speak and for our hope of a bullish rally to remain valid, the Ethereum price must continue to trade above this 4-hour key support.
If this key support level holds, we can expect to see the Ethereum price begin to build bullish momentum and potentially rally higher in the coming days.
A break below this $4k level will only turn this key region into a key resistance for Ethereum. This makes it very important for the bulls to hold onto this 4-hour key support at all costs! A break below it will only spell doom for Ethereum.
Final Verdict!
Ethereum is trading at a critical support level in the 4-hour timeframe. This $4k level has served as a key region for the Ethereum price on numerous occasions and might continue to do so in the coming days.
But for us to remain bullish on the Ethereum price, the price of the Altcoin must respect and continue to trade above this key support level at all cost!
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