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In our previous Ethereum analysis Ethereum Rallying Higher On Failing Volume! Watch This Key Level, we talked about the possible Bearish price scenario for Ethereum come next week.
However, in this ETH analysis, we will be breaking down the key levels to watch and what the Ethereum price must-do for a bullish price scenario to play out.
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What Ethereum Must Do To Become Bullish For Next Week!
For the Ethereum price to become bullish, the bulls must break through a very key level on the 1-hour timeframe. This $2,743 key level is a stronghold for Ethereum sellers, and we have seen it come into play against Ethereum before in the past.
If the Ethereum price can take out this block of sellers we might see a panic closing in open sell trades in the market. And this would only fuel the move higher to pick up even more pace.
What Is Ethereum Doing Right Now?
As of right now, Ethereum is still below this $2,743 key level on the 1-hour timeframe. And we are currently watching price gradually creep closer to that key level.
Come next week, all eyes will be on the Ethereum price to see how it would react to this $2,743 key level. Can we expect a price breakout or will Ethereum fail to break through the key resistance and only fall back lower?
Final Verdict!
Ethereum is trading around a critical level on the 1-hour timeframe right now. The price has the potential to either go up or down in the coming days.
But whatever direction the trend decides to take, it is certain it would have a massive impact on the short-term sentiment and price movement for Ethereum.
The big question traders are now asking is “are the bulls finally ready to break through the $2,743 key resistance?”
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