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In a previous Ethereum analysis ETH $1,690 Resistance Holding Strong! Watch This Bearish Prediction we warned our readers of the growing weakness in Ethereum and the potential for us to see a price sell-off in the coming days.
Well, that sell-off is playing out exactly as we predicted! And right now, the Ethereum price is trading at the $1,477 key support area we identified. The question is “can the bulls hold on to this 4-hour key support?“
In this Ethereum analysis, we will be talking about the possible price scenarios we should be expecting and what the Ethereum price must do to end this current sell-off in price.
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ETH $1,477 Key Support!
The Ethereum price is currently trading at previous support in the 4-hour timeframe. The last time Ethereum tested this level, we saw the Altcoin bounce before attempting to rally higher.
This time, there is a very high probability we might see it try to hold again.
If it does hold, this might be the end of the current sell-off for the Ethereum price. And sooner or later we can expect to see the bulls return and try to push the Altcoin higher.
So for now, we are keeping a very close eye on this $1,477 support region to see how the ETH price reacts to it in the coming days.
What Happens If The ETH Bulls Fail To Hold This Support?
If the Ethereum bulls are unable to hold on to this $1,477 key support level. There is a very high probability that we might see a deeper retracement for the Ethereum price in the coming days.
This deeper retracement could easily push us into the $1,300 level before finding any new support region to bounce off.
So for now, we wait and see if the bulls have what it takes to stop this ETH sell-off at the $1,477 level or if the bears still have the momentum to keep pushing the Altcoin lower in the coming days.
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