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In our previous Ethereum analysis Ethereum Fighting To Stay Above This Key Support! Can It? we talked about the most important key support for Ethereum and how it was important for the Ethereum bulls to hold this Daily level at all costs.
Well, today we are seeing the Ethereum bulls stepping in to buy the deep and push the Altcoin higher. However, there is a key resistance standing in the way of that bullish rally.
If the Ethereum price wants to keep the opportunity to continue surging higher, it must break through this key resistance on the Daily timeframe soon.
In this Ethereum analysis, we will be breaking down the importance of this $2,757 key resistance and the possible price scenarios that might play out in the coming days.
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Ethereum $2,757 Key Resistance!
This $2,757 horizontal level has been serving as a key level for the Ethereum price on numerous occasions in the past.
Right now, Ethereum is trading below. This makes it a key resistance the Ethereum bulls must deal with in order to continue pushing the Altcoin price higher.
A bullish breakout like this could lead to a change in trend into a more bullish trend and a much larger rally in the price for Ethereum in the coming days.
What Happens If Ethereum Fails To Break $2,757?
If Ethereum fails to break through this key resistance, there is a very high probability that we might see more bearish pressure build-up from that area in the coming days.
This bearish pressure would be as a result of more sellers stepping in to use that $2,757 key region as the perfect top to continue selling Ethereum from the Daily timeframe.
Final Verdict!
Ethereum is at a tight spot on the Daily timeframe. The price will need to make a critical decision soon on what direction the trend will take in the coming days.
For a bullish outcome, we want to see the Ethereum price break and close above the $2,757 key resistance on the Daily timeframe.
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