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In our previous Ethereum analysis Ethereum Bullish Breakout! Can The Price Stay Above This Key Level? we warned our readers of a possible bearish price scenario if the ETH price cannot stay above the $4,400 key support on the 4-hour timeframe.
A break below this key support pushes the Ethereum price back into the $4,000 to $4,4000 market ranging zone on the 4-hour timeframe! As far as the Ethereum price continues to trade within this zone, we can expect to see the ALtcoin ranging sideways for the coming days!
In this Ethereum analysis, we will be talking about the bullish and bearish price scenarios that might play out in the coming days.
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Will Ethereum Continue To Range?
The first price scenario we are looking at is an Ethereum ranging market. We believe there is a very high probability for the Ethereum market to continue trading sideways if the price remains within this key zone on the 4-hour timeframe.
There is a very high probability that this ranging market might play out in the coming days as trading volume drops into the weekend.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the Altcoin break through and close above the key zone on the 4-hour timeframe. A bullish rally like this would push the ETH price back above the $4,400 key level and back into bullish territory again.
However, if this $4,400 key resistance level holds, the next level we will be keeping a close eye on will be the base of the key zone. A break below this base support could mean more sell-off for Ethereum.
Ethereum Bearish Prediction!
For the Ethereum bearish prediction, the key level we are keeping an eye on is the $4,000 key support. This key support has held the Altcoin prices up on numerous occasions and must keep doing so if we hope to see the Altcoin price rally back up soon!
A price break below this key support could see the Ethereum price selling off rapidly in the coming days. This makes it very important for the bulls to defend this $4,000 key level at all costs.
Final Verdict!
The Ethereum price is ranging in a key zone on the 4-hour timeframe. As far as the price remains within this key zone, we can expect to see the ETH price continue to trade sideways with little to no volume in the coming days.
The key levels to watch are the $4,400 key resistance and the $4,000 key support. Until the price breaks through one of these levels, we can expect to see ETH price continue to do nothing.
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