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The Ethereum price is down more than -6% in just today’s trading alone! This massive drop in price is a result of Ethereum bulls failing to break through the $1,697 key level in the 4-hour timeframe.
This level is very important because if Ethereum fails to break through it, there is a very high probability that we might see the ETH price just resume its trend lower.
The question traders are asking now is “will this Ethereum sell-off just continue or will we see one last push back up?”
In this Ethereum analysis, we will be talking about the key levels we are currently watching as well as the possible price scenarios that might play out in the coming days.
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Ethereum $1,697 Key Resistance Holding Strong!
We are currently seeing sellers push the ETH price back from the $1,697 resistance level in the 4-hour timeframe. We warned our readers about this kind of sell-off in our previous analysis Urgent: How High Can Ethereum Rally? Watch This $1,697 Key Level and right now we are seeing it play out.
By failing to break through this key level, the Ethereum price only reconfirmed the importance of this $1,697 price level to the Altcoin trend and in the coming, we will be keeping a close eye on this price level to see if the bulls can finally breakthrough it.
Does This Mean The Bullish Rally Might Be Over?
For now, we can’t say for sure because this might only be a pullback in price before a massive rally up! However, as the days go on, we expect to get a better understanding of exactly what price wants to do and how to take advantage of it.
But for right now, the trend is still unclear.
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