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The Ethereum 1-hour timeframe just turned bullish, and the main reason for this change in trend is the price break above the key resistance zone the 1-hour sellers have been holding for weeks now!
However, Ethereum is still not out of the woods yet! While the 1-hour and other lower timeframes might have turned bullish the bearish pressure on Ethereum is still piling up on the higher timeframe.
The new key resistance we are watching right now is the $2,743 horizontal key level on the 4-hour timeframe.
This is the level the Ethereum price must break if they want a chance to flip the higher timeframe from bearish to bullish. And to be quite frank, I don’t think it would happen yet (* but that is only my opinion. Let’s get back to the chat and see what the chat says)
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Ethereum 1-Hours Bulls VS Ethereum 4-Hour Bears
So finally Ethereum has broken through the 1-hour selling pressure we have been battling for weeks now and is currently forming bullish structures as it continues trending higher.
However, that bullish rally from the 1-hour timeframe above is now running into more selling pressure from a major key level on the 4-hour timeframe.
This $2,743 key level has served as both major support and resistance in the past on the 4-hour timeframe, increasing its importance to the ETH price in the coming days.
Ethereum Bullish Outlook!
For this 1-hour rally to continue into the 4-hour timeframe, the Ethereum price needs to break through this $2,743 key level and stay above it in the coming days.
A bullish breakthrough like this on the 4-hour timeframe might be the perfect indication we need to confirm the potential end of the Ethereum sell-off.
Ethereum Bearish Outlook!
For the Ethereum bearish outlook, we believe that the Ethereum bears still in the 4-hour timeframe might be too strong for the buyers pushing Ethereum up from the 1-hour timeframe.
If this is true, then there is a very high probaility that we might see the 4-hour selling pressure be too much for the buyers to handle. This could lead to end of the ETH rally we are witnessing and a crash back down in price in the coming days.
Final Verdict!
The big question now is who will win in this tug of war between the 4-hour timeframe sellers and the 1-hour timeframe buyers? The key level to watch out for is the $2,743 resistance.
If price fails to break through this 4-hour key level, there is a very high probability that the ETH sell-off might continue in the coming days.
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