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For days now, we have been talking about the Ethereum bearish scenario, the key bearish pattern forming right now, and what we can expect if the price begins to move lower.
However, there are still a lot of traders/hodlers still bullish on Ethereum right now! Well in this ETH analysis, we will be breaking down the key level the ETH bulls must defend at all cost if they want to regain back control of this market.
We will also be talking about why this key level is so important and what an Ethereum bullish price scenario might look like if this support holds!
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The Most Important Support For The ETH Bulls
Right now, the Ethereum price is testing a key support level in the 4-hour timeframe. This support region is so important to the ETH trend because it will have a direct effect on the direction of the Ethereum market for the next couple of days/weeks.
In our previous analysis, we have been talking in-depth about what that price action might look like if the ETH price finally breaks below this $1,684 key support.
However, that is still yet to happen, which means that the Bulls still have a fighting chance to wrestle control of the ETH market back! But for that to happen, we need to see the price respect and continue to trade above the $1,684 key support zone in the 4-hour timeframe.
What Will An Ethereum Bullish Scenario Look Like?
If the Ethereum bulls can hold on to this $1,684 key support zone, there is a very high probability that we might see a strong bounce in price and a resumption of the bullish rally higher!
The ETH bears are right now still struggling with this $1,684 support zone, meaning that buyers are stepping in to try and defend this key region. The question now is who will win this tug of war?
Final Verdict!
The Ethereum trend is still undecided and the most important level to keep your eyes on is the $1,684 key support in the 4-hour timeframe!
We have talked in-depth about what could happen to Ethereum if the price breaks below this key support in our previous analysis Urgent! The Most Important Support For Ethereum Right Now!
But in this analysis, we are taking on the bullish scenario for the Altcoin price.
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