In our previous Ethereum analysis Ethereum Rallying Higher On Failing Volume! Watch This Key Level we talked about the ascending support currently holding the Ethereum price up, and how a break of this support could signify the start of the Ethereum sell-off.
Well, as of the time of publishing this analysis, that Ethereum 1-hour key support is still holding strong! Right now, we are seeing the ETH price bounce off it again making it the third bounce from this key level.
In this Ethereum analysis, we will be talking about the possible price scenarios that might play out in the coming days and the key levels to watch for in the coming days.
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All Eyes On This $2,743 Key Resistance!
Despite the Ethereum price gradually creeping up higher, there has been a constant level that won’t even budge. And that level is the Ethereum $2,743 key resistance.
We have seen the Ethereum price come a few inches to this key resistance and crash back, indicating a key selling level for Ethereum. The question traders are now asking is
Can the ETH bulls break through this Ethereum key selling level at $2,743 or should we expect the price to continue rejecting from this level on the 1-hour timeframe?
But for right now, we are watching an epic battle play out between the ETH bulls and the ETH bears. And this tug of war is causing the Etherum price to gradually compress as the Ascending Support and the $2,743 Key Resistance continue to come closer on the 1-hour timeframe.
But once this compression stage is over, we are expecting a massive move in the Ethereum price really soon!
Where Will This Move Take Price?
This move can either take the Ethereum price to the upside or downside, it all depends on which of the two key levels give way (either the $2,743 key resistance or the Ascending Support)
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