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The crypto market closed the trading day in the red as the prices of Altcoins sold off across the board. This flash crash was caused by a sell-off in Ethereum back below a key level in the 4-hour timeframe.
This level was a confluence of support regions we talked about in our previous Ethereum analysis ETH Bullish Prediction Playing Out Exactly! Watch This Key Support.
This bearish break below this 4-hour key level puts the Ethereum price back into a weak and-ranging market and increases the potential for us to see more bearish price moves.
In this Ethereum analysis, we will be talking about the key levels we are watching as well as our bullish bias on the Ethereum price for the coming days.
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Is Ethereum Bearish Now?
While the Ethereum price might be crashing right now, it is important to note that the price action of the altcoin is still very bullish. The key level we are watching as our main support is the $3,113 horizontal level.
This $3,113 support has held the Ethereum price back on numerous occasions and might serve as strong support again in the coming days.
As far as Ethereum continues to trade above this horizontal support, our bias on Altcoin will remain bullish. And there is a very high chance for us to see the price reverse and start heading back up soon!
Final Verdict!
We are still very bullish on Ethereum and will remain bullish on the Altcoin as far the price continues to trade above the $3,113 horizontal support level in the 4-hour timeframe.
As far as Ethereum continues to trade above that support, there is a very high probability that we might see a price reversal and a bullish rally in Ethereum in the coming days.
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