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In our previous Ethereum analysis Ethereum Price Testing This Major Support! What Now? we talked about the $1,928 key support and how it was the next major level the ETH bears would have to face and breakthrough for us to see any further move to the downside.
Well, that key support is holding on and in this Ethereum analysis, we will be breaking down the possible price scenarios we will be watching out for and what might happen next for ETH in the coming days.
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ETH $1,928 Key Support. Will It Hold?
The Ethereum price is currently testing this $1,928 key support in the 4-hour timeframe. How the Altcoin price reacts to this key level will have a major effect on the Ethereum trend in the coming days.
For the bearish trend, we need to see the ETH price break through and close below the $1,928 support in the 4-hour timeframe. If this level gets violated, there is a very high probability that we might see Ethereum push lower.
However, for the bullish scenario, we want to see Ethereum hold on to the $1,928 key support and begin to bounce and rally higher in the coming days.
So for now, we will continue watching this key level in the 4-hour timeframe to see how it performs.
Final Verdict!
The Ethereum trend is still undecided as of yet, the price is currently testing a major support level in the 4-hour timeframe.
If the ETH bulls can hold on to this $1,928 key support, there is a very high probability that we might see a price bounce soon! However, if this key level fails, Ethereum might sell off even more.
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