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The Ethereum sell-off has intensified with the Ethereum showing no signs of slowing down in its move to the downside. This sell-off plays out exactly to a previous analysis we made on Ethereum, calling for a possible sell-off to the $2,720 key level Ethereum Just Broke Through This Key Support! What Next?
Right now the Ethereum price is approaching that key support on the 4-hour timeframe, and the major question traders are asking is will this key level hold?
In this Ethereum analysis, we will be talking about this $2,720 key support and what it might mean for Ethereum in the coming days.
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Ethereum Key Support!
The Ethereum price is currently approaching major key support on the 4-hour timeframe. This support has served as a key level for the Ethereum price on numerous occasions in the past and might do so again in the coming days.
If this level holds we can expect to see the ETH price reverse and rally back up from this level like it has done previously in the past.
This bullish bounce could see us pushing back up to ATHs in no time. But first, the $2,720 key support on the 4-hour timeframe must hold. A price break of this bullish support could invalidate our bullish bias on Ethereum.
Final Verdict!
The Ethereum sell-off is still far from over! However, we are watching the $2,720 price level as a good area for us to see bullish support come back into the Ethereum market in the coming days.
If this key level holds, we might see a bullish reversal play out in the coming days. However, if the price breaks through this key level, we might see the Ethereum sell-off continue much lower.
This makes the $2,720 the most important level for the ETH bulls right now. And how the price reacts to this 4-hour key support will have a major effect on the trend and the direction the Ethereum price will take in the coming days.
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