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For weeks now, we have been warning our readers of the $1,623 key support and why it is very important to the ETH bulls.
And in a recent analysis, ETH Bulls Still Fighting This Major Resistance! What Is Happening? we gave a breakdown of how the ETH price has sold off every time it broke through this $1,623 key zone and how that could repeat again in the future if Ethereum ever violated this support again.
Well, that support has officially been violated and we saw the ETH price sell off sharply exactly as we predicted.
In this Ethereum analysis, we will be talking about the new key support region Ethereum is trading at right now, and the possible price scenarios that might come into play.
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ETH Trading Back At The $1,469 Key Support. Will It Hold?
After the sharp sell-off we saw play in the Ethereum price earlier on today, the Altcoin price is currently trading back at the $1,469 key support in the 4-hour timeframe.
We have seen this price level get tested over and over again in the past and we know the bulls might use it as a psychological level to buy back into the back in the coming days.
If you are wondering why we are still bullish on Ethereum despite this current sell-off in price, check out our recent top-down analysis of the Altcoin as we break down all you need to know about what is going on in Ethereum and why Understanding The ETH Bigger Picture!
What Should We Be Expecting In The Coming Days?
Well for now, we will be keeping a close eye on the $1,469 key support the Ethereum price is currently trading around in the 4-hour timeframe.
This new support is where we expect to see a kind of bounce in the Ethereum price in the coming days. However, if this level gives way, this might mean more push-down for the Ethereum price in the coming days.
So for now we will be watching this $1,469 support zone to see how the Ethereum price reacts with it.
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