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The Ethereum price has been testing and holding a key support on the 4-hour timeframe for weeks now Ethereum Key Level Holding Strong As Predicted! What Next?. However, Ethereum just violated and broke through this level and might be looking to sell off even more in the coming days.
In this Ethereum analysis, we will be talking about this potential bearish scenario and the key level that must be broken for this Ethereum sell-off to be averted.
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Is Ethereum Bearish Now?
Yes, the bearish pressure on the Ethereum price is growing daily on the 4-hour timeframe, we can see ETH forming a lower high price structure as it continues trending lower.
This kind of price structure is bearish in nature and needs to be broken if we want to see the ETH price rallying back up
If price does not revers soon, there is a very high probability that we might just the ETH price make a new lows on the chart.
And this new low that would be formed will confirm the price breakdown through the 4-hour key support, pushing the Altcoin much lower in the coming days.
This makes it very important for us to see the Bulls come back strong into the Ethereum to defend this key support in order to prevent a massive sell-off that could happen.
Ethereum is currently trading around a key region on the 4-hour timeframe. This region is very important because it has been holding the ETH price up for the past couple of weeks now.
If the ETH price continues to sell-off from this region, there is a very high probability that we might see Ethereum crash even more soon! However, if the bulls can manage to push the ETH price back above this key support, we might see a price rally back up in no time.
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