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In our previous Ethereum analysis, Ethereum Needs to Hold This Key Support To Remain Bullish! we talked about the key support the ETH bulls had to defend if we wanted to keep the hope of an ETH bullish rally alive.
Well as we speak, the ETH price has broken through that key support and is currently heading lower on the 4-hour timeframe. This bearish breakdown only points to a higher likelihood of us seeing more price sell-offs in the coming days.
In this Ethereum analysis, we will be talking about this bearish price scenario and the next key support to watch out for on the 4-hour timeframe.
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Ethereum In Bearish Territory
By breaking through the key support on the 4-hour timeframe, Ethereum entered into bearish territory. And the only way to get out of it is if the price can rally back above this horizontal level.
A failure to rally and close back above this key horizontal price level would only mean this level would now act as a key resistance against the ETH price, leading to more sell-off in the coming days.
Next Key Support To Watch!
The next key level to watch is the $3,004 price level on the 4-hour timeframe. The last time the Ethereum price got to this key level, we saw massive support come into the market and push the price back up higher. Can we expect this ETH support to repeat in the coming days?
If this support level holds, we can expect to see the current Ethereum sell-off get to this area and then stop.
Final Verdict!
The Ethereum price is back into the bearish territory and selling fast. How long this sell-ff will last, no one knows. However, the first key level we are watching is the $3,004 horizontal support.
Can the Ethereum bulls hold on to this 4-hour key support and stop the current price sell-off on Ethereum?
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