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The bearish pressure has resumed across the board in the cryptomarket with the Ethereum price down more than -2% today alone.
However, there is still a fighting chance for the Ethereum bulls and that fighting chance requires that the Ethereum price stays above a key support level in the 4-hour timeframe.
And in this Ethereum analysis, we will be breaking down what this key support is and why exactly it is very important for us.
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Ethereum Needs To Have The Right Look!
The image above is what needs to happen for the Ethereum price to remain bullish. So what is the Ethereum price doing now?
- We have seen the Converging Triangle Playout in the 4-hour timeframe.
- We have seen the price breakout from this key pattern
- And now we are seeing the Pullback
But for that pullback to remain valid and for us to remain bullish on the Ethereum price, the $2,952 key support on the 4-hour timeframe must hold!
This horizontal price level intersects with the resistance channel of the Converging Triangle Pattern and gives us a key region that if broken could see the Ethereum price selling lower in the coming days.
This intersection gives us a price structure confluence and increases the probability of this level serving as key support for the ETH bulls. The question traders are now asking is “will it hold?”
Final Verdict!
The Ethereum price is currently trading at a key support level in the 4-hour timeframe. This support is the only thing standing in the way of more bearish price action for the ETH price chart.
However, the bulls will need to make a decision soon! Can they hold on to this key level and start pushing the ETH price back up or will this support give way to more move to the downside in the coming days?
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