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In our previous analysis, Ethereum Bull Run Continues! Can Price Break Through The ATH? we talked about the potential for us to see the ETH price deep for a bit longer in the coming days before finally rallying back up.
Well, less than 24 hours later that deep is playing out perfectly well. But how do we know it is just a retracement and not a full reversal? In this Ethereum analysis, we will be talking about the key levels we are watching as our bullish prediction for the ETH price in the coming days.
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Ethereum Key Levels!
The most important key support for the Ethereum price chart is the $3,890 key support on the 1-hour timeframe. As far as the Ethereum price continues to trade above this key support, we will remain bullish on ETH.
This means there is a possibility that we might see more retracement in the ETH price in the coming days before the bullish rally continues. But even if this happens, we will remain bullish on Ethereum as far as the Altcoin stays above the $3,890 key support.
Ethereum Bullish Predicton!
For the Ethereum bullish prediction, we want to see the price of the Altcoin break through and close above the ATH key resistance. A break above this $4,891 key level on the 1-hour is the confirmation we need to indicate the end of the ETH retracement and the resumption of the bullish rally to new ATHs.
Our bullish target is the $5,245 price region! There is a very high probability that we might get to this region before encountering any resistance again on ETH.
Final Verdict!
We are still very bullish on the Ethereum price and we believe there is a high probability that this pullback we are currently experiencing on the ETH price is only a price retracement. And this retracement will be over very soon.
The key level to watch is the $3,890 key support. As far as ETH continues to trade above this key support, we will remain bullish on the Altcoin!
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