The Ethereum price is currently bouncing from key support in the 4-hour timeframe. This $1,715 price level has served as major support for the ETH price previously and is still doing so right now.
But does this price bounce mean the ETH sell-off is finally over? In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as the price scenarios that might play out in the coming days.
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Ethereum Still In Bearish Territory
The Ethereum price is still in the bearish territory and is still experiencing bearish selling pressure from the higher timeframe.
However, the price move down has stalled because right now Ethereum is trading at major support.
The question now is will this major support be strong enough to totally stop any further move down for the ETH price or will we see Ethereum consolidate for a bit and then resume its move lower?
Key Levels To Watch!
In the coming days, all eyes will be on the Ethereum $1,715 key support level in the 4-hour timeframe to see how it holds up.
For the Ethereum price to remain bullish and the chance of rallying back up, the Ethereum $1,715 key support must hold. It is only if this support holds that we can expect to see the rally in Ethereum continue.
However, a price break through this $1,715 key support could see the Ethereum price resume its bearish trend lower.
This makes it very important for the Ethereum bulls to defend this $1,715 key support at all costs in the coming days.
Ethereum is trading at a major level in the 4-hour timeframe. This $1,715 key support is the only thing stopping the Ethereum price from continuing its move lower.
In the coming days, this $1,715 price level will come under even more pressure. Can the ETH bulls hold on to this support and continue to push prices higher from here or will this key support fail?
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