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In our previous Ethereum analysis The Most Important Support For Ethereum Right Now!, we talked about the $1,260 key support and why this 15 minutes price level is so important to the bulls.
In simple terms: As far as the ETH price continues to trade above and respects this $1,260 support region, there is a very high probability that we might see a bounce and price rally to the upside.
Well, that bounce is happening now but Ethereum is not out of the woods yet. There is still a very big potential that we might see more sellers come into the market and begin to push Ethereum lower in the coming days.
So in this ETH analysis, we will be breaking down what Ethereum must do to become bullish.
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Is The Ethereum Sell-Off Over?
The Ethereum price may try as it wants but it cannot go any lower until we see a clear price breakdown below the $1,260 key support level in the 15 minutes timeframe.
For now, this key support is still holding the ETH price up. But how long do we expect this region to hold? We need to see more buyers coming in to defend this key region as the day goes by or it might fail soon!
What Next For Ethereum
The Ethereum price is currently trading at a key region in the 15 minutes timeframe. As far as this $1,260 key support continues to hold, there is a very high probability that the bulls will be coming back with force into the market.
However, if this $1,260 support fails, this could be a perfect signal to indicate the start of the Ethereum sell-off lower in the coming days.
So the key level we are keeping our eyes on is the $1,260 price support. Can the ETH bulls defend this region?
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