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The Ethereum Sell-Off Might Be Over, we might see a rally in price soon! But for that to happen the Ethereum price must hold the key level we will be talking about in the section below.
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Ethereum Mini Support Holding Strong
We talked about the $3,156 mini support in our week in review Week In Review: Is The Bitcoin Sell-Off Over? New Trade On ETH, XRP! and how it is important for the Ethereum bulls to hold this price region.
Right now Ethereum is trading within that tight support region. And on the 30 min timeframe, we can see the Ethereum price as tested the support two different times and still held, proving the validity of that area as an area of support for the Ethereum price.
What Next For Ethereum?
Well, the first thing we want to see is the Ethereum price break out of this support region either to the upside or to the downside. As far as the Etehreum price continues to trade within this support region, we can expect to see the Ethereum price ranging.
Bullish Price Prediction
For the Ethereum bullish price prediction, we want to see the $3,579 level get broken.
The $3,579 price level served as a key level for the Ethereum price on numerous occasions and a break above it would signify the end of the Ethereum sell-off
Once the Ethereum price begins trading above this $3,579 key level, we can see expect to see more bullish momentum come into the market and push the Ethereum price higher.
Bearish Price Prediction
For the bearish prediction, we want to see the Ethereum price continue trading below the $3,579 key level. If price continues to trade below this level, we can expect to see the sell-off continue.
Our bearish confirmation for this potential trade setup is the break of the $3,156 mini support. The break of this support would put Ethereum in a free-fall back down to the $2,640 price region
Final Verdict
The Ethereum price is currently ranging and getting ready to make a massive move either to the upside or to the downside soon! For the upside, we want to see the Ethereum price break and close above the $3,579 resistance level.
For the bearish scenario, we want to see Ethereum break below $3,156 mini support.
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