Table of Contents
The Ethereum sell-off is slowing down as the price is currently stalling, creating a higher low price structure on the 4-hour timeframe.
This formation points to a very high likelihood for us retracing a bit higher in the coming days or trading sideways for a bit before the sell-off might continue.
In this Ethereum analysis, we will be talking about the possible price scenarios as well as the key levels we will be watching for in the coming days.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
Ethereum $2,720 Key Resistance
In our previous Ethereum analysis Warning: Ethereum Sell-Off Just Got Worst! Watch This Key Level, we talked about the $2,720 major resistance on the 4-hour timeframe and how it affects this current sell-off in the Ethereum price.
And right now, that key level will be playing an important role soon because this higher low structure is currently forming right below it.
What Does This Mean For Ethereum
Well, it simply means that even if we see a slight bullish relief from this current sell-off in the ETH price, it might not last long because of the major resistance that is just right above it.
This 4-hour key resistance is the line in the sand for the ETH bulls. And until the Ethereum price can break back above it, we might just continue to see Ethereum sell-off in the coming days.
Final Verdict!
Ethereum might be stalling right now, but that price sell-off is far from over. For us to stop the sell-off the ETH bulls must push the price back above the $2,720 major resistance on the 4-hour timeframe.
As far as ETH continues to trade below this key resistance, there is a very high probability that we might continue to trend lower in the coming days.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
