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For the past couple of days now, we have been talking about the two possible price scenarios that are very likely for the ETH price. The question now is which of them is currently playing out?
Right now, the Ethereum price is bouncing from the $1,668 key support zone. Is this bounce the start of the bullish rally for Ethereum or are we seeing the Right Shoulder of the Head and Shoulders Pattern get formed?
In this Ethereum analysis, we will be talking about the key levels to watch and what the bulls need to do to keep this rally going.
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Ethereum Bullish Price Scenario!
For the Ethereum bullish price scenario, the key support to watch out for is the $1,668 key support zone in the 4-hour timeframe.
If the ETH bulls can manage to keep the Altcoin price above this support zone, the Ethereum price will remain in the bullish territory and possibly continue to push even higher in the coming days.
This $1,668 key zone is the only level currently keeping the Ethereum price up right now! So the Bulls need to defend it at all costs.
Ethereum Bearish Price Scenario!
For the Ethereum price scenario, we want to see the Ethereum price break through this $1,668 key support zone instead!
A bearish move like this would immediately put us in bearish territory and increase the possibility of us seeing more sellers rush into the market.
Not only that, but a bearish move like this below the $1,668 key zone would also complete the potential Head and Shoulders Pattern that we have been tracking for days now!
Final Verdict!
The Ethereum trend is still in a 50/50 possibility realm! But the most important price level to keep your eyes on is the $1,668 key support zone in the 4-hour timeframe.
If the ETH bulls can keep the Altcoin price above this key support zone, there is a very high probability that we might see the ETH rally continue for the next couple of days/weeks.
However, if the Ethereum price can break back below this $1,668 support, this is a clear indication of a sell!
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