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The Ethereum price is approaching a major level in the 4-hour timeframe. This $1,697 price level has served as major support for Ethereum in the past, and in the coming days might serve as major resistance against this bull run currently playing out in Ethereum.
What should you be looking out for, what should you expect in price and more will be covered in this Ethereum analysis. We will also break down the possible price scenarios we might see play out in the coming days.
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Does This $1,697 Key Level Mean The ETH Rally Is Over?
The truth is we don’t know. All we know for sure is that $1,697 is a key level that has been respected over and over again through the years. And in the coming days, the Ethereum price will be running into this key level again.
However, how the price will react once it comes into contact with this $1,697 key level is still unknown. In the sections below we will be breaking down both the bullish and bearish scenarios and what we are expecting.
Ethereum Bullish Price Scenario
For the Ethereum bullish price scenario, we want to see the Altcoin price successfully break through and close above that $1,697 key resistance in the 4-hour timeframe.
A price break of this level would be the perfect confirmation that we need to indicate the Ethereum bullish rally might not just be over yet!
Ethereum Bearish Price Scenario
For the Ethereum bearish price scenario, we want to see the $1,697 key resistance hold.
Once the price fails to break through this key resistance, there is a very high probability that we might just see more selling pressure come into the market from this level and begin to push prices back down.
Final Verdict!
The Ethereum bulls have a major level to battle in the coming days. Will the price be able to break through this $1,697 key level in the 4-hour timeframe and continue to surge higher?
Or will we begin to see sellers come into the market to defend this $1,697 key level and push prices back?
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