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Since before this Ethereum price sell-off started, we have been warning our readers of the potential for us to see a deeper retracement in price before the rally kicks back in.
And in our previous Ethereum analysis Ethereum Bullish Rally Far From Over! Watch These Key Levels we talked about how much deep it could really get and the key support level that must hold for this price pullback to remain a Retracement!
In this Ethereum analysis, we will be talking about exactly what kind of market Ethereum is currently in and what we might be expecting to see next!
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Take A Look At This Ethereum Bigger Picture!
The Ethereum price recently broke through a major, major resistance recently! This zone was the previous ATHs the Ethereum price has ever gotten to since its creation.
And it took the whole 2021 year after multiple trials to break through it, meaning we are just seeing the Altcoin catch its breath before it finally begins to skyrocket again!
But for this bullish prediction to remain valid, the Ethereum price must continue to trade above this previous retracement zone on the 4-hour timeframe.
And when we carry out multiple timeframe analyses (moving from the higher timeframe of 4-hour to the lower timeframe of 1-hour) we can strip ou this zone to find the exact key level that must hold for Ethereum to remain bullish. That key level is the $3,890 horizontal support!
The $3,890 Key Support!
For us to remain bullish on Ethereum, the price must continue to trade above this $3,890 key support level clearly seen on the 1-hour. This key support has held the ETH price on numerous occasions in the past and is the clear line in the sand that separates the bullish market from the bearish market.
This makes the $3,890 price level the most important key support for the Ethereum price and must be defended by the Ethereum bulls at all costs if we are to see the rally continue.
What Is Ethereum Doing Right Now!
Ethereum is currently in a ranging market and it is important to stay out of the sideways chop currently playing out. Trying to pick tops and bottoms and predict what the Altcoin will do in the middle of this range might be a low probability trade setup.
And as we go into the weekend, there is a very high chance that this chaos currently playing out in the middle of the rang will only intensify as the bulls and bears continue to battle to see who will gain dominance.
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