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The crypto market closed the trading deep in the red today with the Ethereum price leading to the massive sell-off we saw play out across the board in the Altcoin market.
However, this sell-off might just be over! Right now, the Ethereum price is testing key support in the 4-hour timeframe. If this bullish support holds, there is a very high probability that we might see price bounce and rally higher soon!
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Ethereum $4k Key Support!
Ethereum is trading at a critical level in the 4-hour timeframe. We have been talking about this key level for a while now Ethereum Rally Far From Over! Watch This Key Level, and right now the Ethereum price is playing out exactly as we predicted.
This $4k key support plays a crucial role as to the trend direction the Ethereum price will take in the coming days.
How the Ethereum price reacts to this key level will have a major effect on what the ETH price might do next in the coming days.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the ETH price respect and continue to trade above this $4k key support currently holding the Ethereum price up in the 4-hour timeframe.
If this level holds, there is a very high probability that we might see the ETH bulls return and begin pushing the Altcoin price back up soon!
Ethereum Bearish Prediction!
For the Ethereum bearish prediction, we want to see the Ethereum price breakthrough and close below the $4k key support region in the 4-hour timeframe.
A bearish breakdown like this is a strong indication that the Ethereum sell-off is far from over and there is a very high probability that we might see the price continue heading lower in the coming days.
Final Verdict!
The Ethereum price is trading at a very critical level right now in the 4-hour timeframe. And how the Altcoin price reacts to this $4k key region would have an immediate effect on the trend direction the Ethereum price will take in the coming days.
For our bullish hopes to remain, the Ethereum price must respect and continue trading above this $4k key region, a price below this level only spells doom for Ethereum.
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