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The Ethereum price has been rallying all through the week, playing out exactly as we predicted in our previous ETH analysis BTC/ETH Breaking Out Right Now! New Crypto Rally?
However, right now the Ethereum price is currently trading at a key resistance level on the 4-hour timeframe. This $2,836 price level has served as a strong resistance for the Ethereum price on numerous occasions in the past and might do so again.
In this ETH analysis, we will be breaking down both the bearish and bullish price scenarios that might play out in the coming days.
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Ethereum Bullish Prediction
For this Ethereum bull rally to continue, we need to see the Altcoin price break and close above this $2,836 key resistance on the 4-hour timeframe.
A break like this will confirm our bullish bias on Ethereum and point to more rallies in the coming days. This breakout will also have an immediate effect on the Altcoin market as we might see more volatility and price surge to the upside.
Ethereum Bearish Prediction
For the Ethereum bearish scenario, we want to see the $2,836 key resistance on the 4-hour timeframe hold. If Ethereum fails to break through this key resistance, we might see price dump back down again in the coming days.
Price has done this sell-off over and over again every time Ethereum gets to that $2,836 price region.
The big question now is can the ETH bulls break through the $2,836 resistance level in the coming days?
If Ethereum breaks through this resistance, we might see the price rally back up to the previous ATHs soon! This makes the $2,836 price region very important to watch at this point in time!
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