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In our previous Ethereum analysis Urgent! ETH Building Momentum For A Move Soon! Watch This Range we talked about the ranging market the ETH price was currently trading in and warned of a potential price break out soon!
Well right now, the Ethereum price is breaking to the downside. This is an indication we might see more sell-off in the coming days.
In this Ethereum analysis, we will be talking in-depth about the bearish price scenario and the key levels to watch for as the sellers push this Altcoin lower.
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ETH Bearish Price Scenario!
The Ethereum price has right now broken below the ranging zone Ethereum has been in all weekend. A bearish break like this could signify the start of a quick -4% sell-off to the downside in the coming days.
The key level we are watching is the $1,777 support zone in the 4-hour timeframe.
We have seen this key zone get respected over and over again in the past and there is a very high probability that the ETH price will be drawn to it now.
So in the coming days, we will be watching this price development in Ethereum play out as the Altcoin price sell-off to this zone before finding support and bouncing.
Final Verdict!
The Ethereum price is currently experiencing a small retracement in the 4-hour timeframe. If this retracement plays out, there is a very high probability we see a quick -4% sell-off in price.
The key support we are watching is the $1,777 support zone. This is the key support we expect Ethereum to test in the coming days.
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