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For days now, the Ethereum bulls have been pushing the ETH price higher. However, the question traders are now asking is how long will this bullish rally continue.
In this Ethereum analysis, we will be taking a larger picture view on Ethereum and breaking down the key level the Altcoin price is currently testing in the 4-hour timeframe and what we can expect in the coming days.
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ETH Testing This $2,359 Key Zone
The Ethereum price is currently trading at a major key zone in the 4-hour timeframe. This $2,359 key level has served as both support and resistance previously for the Ethereum price and we expect to see some kind of price reaction from it soon!
This price reaction is very important because, how the ETH reacts to this level will have a major effect on the direction of the Altcoin for the next couple of days.
So, for the Ethereum bullish rally to continue, we need to see a bullish breakout and price continuation above that $2,359 key level in the 4-hour.
A failure to do so could only mean a potential sell-off for Ethereum playing out instead.
Final Verdict!
The Ethereum price is trading at a key level in the 4-hour timeframe. How the Altcoin reacts to this $2,359 key region will affect the direction of the trend Ethereum will take in the coming days.
So for now, we stand aside and wait to see a price confirmation as to the direction Ethereum chooses to go.
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