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Our bearish prediction on a previous Ethereum analysis Has The Ethereum Sell-Off Started? Price To $1,600! played out exactly with our bearish targets getting smashed.
In this Ethereum analysis, we will be breaking down what we believe might happen next,
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Watch This Key Support
Ethereum is currently testing the $1,734 support region. This price level has held the Ethereum price back before in the past and might serve as that kind of support again in the coming days.
If this bullish prediction plays out, we can expect to see the Ethereum price rally back up in the coming days.
But for this bullish prediction to play out in the Ethereum price, it is important that Ethereum continues to trade above the $1,734 key support region.
A break and close below this support region could signify more sell-off to come for the Ethereum price in the coming days.
ETH Bullish Targets
If the Ethereum bullish prediction plays out exactly as we predicted, the key level we will be watching for a bearish resistance would be the descending line we are seeing hold on the 4-hour timeframe.
We expect to see the Ethereum price rally over 48% to smash this target, making this bullish prediction very tradable with a good risk to reward ratio.
Final Verdict!
The Ethereum price is currently trading at a critical level right now. If the price continues to respect the $1,734 support, we can expect to see bullish momentum come into the Altcoin market soon!
However, a price break and close below the $1,734 support only signify more weakness for Ethereum and a very high probability that we might see more price sell-off in the Altcoin.
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