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The Ethereum price is currently testing a major level in the 1-hour timeframe. This $1,670 price level has served as both key resistance and support for the ETH price in the past.
And right the question traders are asking is “will the Ethereum bulls be able to break through it and continue heading higher in the coming days or will the price fail to breakthrough and crash back down soon?”
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ETH $1,670 Resistance
If Ethereum fails to break above this key resistance in the 1-hour timeframe, there is a very high probability that we might see the Altcoin begin to sell-off in the coming days.
This sell-off is liekly to push Ethereum price back down to the $1,354 price level. This is a potential -20% dump in the value of Ethereum.
But for this bearish sell-off to be confirmed, the Ethereum price must first break and close below the $1,558 previous lows.
Once this $1,558 previous lows give way, we have our confiration of the start of the price sell-off in Ethereum.
Final Verdict!
The Ethereum trend is still undecided. Right now, the ETH price is testing a key resistance in the 1-hour timeframe. This $1,670 key level as served as both resistance and support for Ethereum in the past, making it a very impoerant level to keep an eye on.
For the bearish prediction we want to see this $1,670 level hold and push prices down, and we want to see Ethereum break and close below the previous lows of $1,558. Once these two events play out, there is a very high probability that we might see the Altcoin price sell-off more than -20% in the coming days.
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