Table of Contents
In our previous Ethereum analysis Ethereum Bearish Prediction Playing Out. What next? Watch This Level we divided the ETH 4-hour price chart into two distinct parts (the bullish and the bearish territory).
Ethereum was at the time trading in the bearish territory, with the only way for the price to crossover into the bullish territory being a clear break and close above the key horizontal resistance that has been holding the price back for a while now on the 4-hour timeframe.
Well, as at the time of publishing this TA, Ethereum was finally making that bullish break. This opens up the way for further rally in the coming days.
And this analysis, we will be talking about that bullish prediction as well as the key support the ETH bulls must hold on to in order to keep the price bullish.
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The Key Support ETH Must Not Fall Below!
Today, we saw a massive rally drive the Ethereum price back into the bullish teritory but can price hold on to the 4-hour key support?
This key support is the most important level for the ETH buyers for the short term because a break back below it could signify the end of this potential bullish rally we are seeing play out on the ETH 4-hour timeframe.
What we want to see is for the Ethereum price to hold this key support and then continue to rally higher in the coming days.
Is The Ethereum Sell-Off Over?
Well that depends on what the ETH price does in the coming days. Especially in relation with the 4-hour key level we have been talking about.
If price can stay above this key level, then there is a very high probability that we might continue surging higher in the coming days. This price surge could see us reaching the $3,415 price support soon.
However, if this 4-hour key level gives way, Ethereum might just continue to trend even lower soon! This makes this key level the most impotant support for the bulls to defend at all costs.
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