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In our previous Ethereum analysis The Most Important Key Support For The Ethereum Bulls, we warned our readers that the ETH bull run had lasted for days, might be overextended, and might be in need of a pullback before the rally continues.
Well, that pullback is playing out exactly as we predicted, but how long do we expect this price retracement to last and where can we expect Ethereum to pull back to in the coming days?
In this Ethereum analysis, we will be breaking down what we believe might happen next and the key levels to watch out for on the Ethereum 4-hour price chart.
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Buy The Deep?
One thing is for sure “the Ethereum price is still in bullish territory” which means this retracement we are currently seeing play out on the 4-hour timeframe is a bullish pullback and not a reversal.
In simple terms, we believe once the pullback is over, there is a very high probability that Ethereum will find support and continue to rally higher in the coming days.
This makes buying the deep in this situation a very good strategy to implement for Ethereum.
Where Do We Expect This ETH PullBack To Get To?
The key level we are watching is the $3,026 key support region. This region has served as a major level for Ethereum in the past and we believe it will continue to do so in the weeks to come.
There is a very high probability the Ethereum price will sell off into this zone before finding any form of bullish support to stop the bearish move lower.
Final Verdict!
Ethereum is still in a bullish trend! However, we believe the bullish rally is overextended and due for a pullback. Once this pullback is over, there is a very high probability that we will see the Ethereum bullish rally resume.
The key level to watch for is the $3,026 key support region on the 4-hour timeframe.
This zone is the line in the sand for the Ethereum bulls and we believe there is a very high probability for it to hold and stop the Ethereum move lower.
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