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The Ethereum price just smashed our bearish target, playing out exactly as we predicted in the 4-hour timeframe Warning: Ethereum Selling Off Now! Watch This Flag Pattern. However, the big question now, is what next?
We believe that the bearish dump in the Ethereum price might just be over. Right now the ETH price is respecting a key horizontal level in the 4-hour timeframe.
If this level holds, there is a very high probability that we might see the Altcoin reverse and continue to rally in the coming days.
In this ETH analysis, we will be talking about this $2,887 key support and our bullish bias on the Ethereum price for the coming days.
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ETH $2,887 Key Support!
The Ethereum price is currently trading around key support in the 4-hour timeframe. This $2,887 horizontal support has held the Ethereum prices up before and might continue to do so in the coming days.
It is very important for the Ethereum bulls to hold on to this 4-hour key level. A break below it could signify more bearish price action to come for Ethereum in the coming days.
ETH Bullish Prediction!
While the Ethereum price might be selling off right now, it is important to note that the Ethereum price is still very in a bullish trend on the 4-hour timeframe.
This simply means that this sell-off we are currently experiencing in Ethereum is only short-term and very soon, we can expect to see a price reversal and rally.
But for that bullish rally to occur anytime soon, it is important for the ETH price to continue trading above this $2,887. This critical level must be respected for our hope of a bullish rally to be kept alive.
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