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Ethereum had an amazing market all through last week as the market rallied higher. But will this kind of bullish trending market continue into next week or will we see a change in the direction of the market?
In this Ethereum analysis, we will be talking about the key level we are currently watching in the Ethereum 4-hour timeframe and what the ETH bulls must do for this Ethereum rally to continue.
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Ethereum $2,359 Key Region!
The Ethereum price is currently trading at a major resistance region in the 4-hour timeframe.
This $2,359 resistance region is very important to the Ethereum price because it will directly affect the direction of the Ethereum trend in the coming days.
How Ethereum will react to this $2,359 could determine if we are to expect a massive sell-off from Ethereum soon, or if Ethereum will break above the region and keep pushing higher.
ETH Bullish Scenario!
For the Ethereum bullish scenario, we want to see the Ethereum bulls push prices through the $2,359 key resistance level and keep there.
If this bullish breakout occurs, this would give us the indication we need to confirm the start of a much larger rally for Ethereum.
However, if the Ethereum price fails to break through this key resistance region, there is a very high probability that we might see a massive sell-off playout instead.
Final Verdict!
The Ethereum trend is still undecided for next week. Right now, the ETH price is trading at a major level in the 4-hour timeframe.
How the ETH price will react to this key level will have a direct effect on the direction the Altcoin price will take.
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