The crypto market closed the trading day in the green today as the Ethereum price surged more than 4% in profit, leading the bullish rally we saw play out across the board in the Altcoin market.
But the major questions most Ethereum traders are asking is:
Is the Ethereum sell-off finally over, and should we expect to see the ETH bullish rally continue into the rest of the weak?
In this Ethereum analysis, we will be talking about the most important key support the Ethereum bulls are fighting to hold and how this $4k key level could be the base for a massive rally that could push the ETH price to a new ATHs very soon!
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Ethereum Price Still Ranging Within This Key Region!
In a previous Ethereum analysis Ethereum Price Ranging In This Key Region! Watch These Levels, we talked about the $4,000 to $4,400 key region in the Ethereum 4-hour timeframe.
This region has been a strong point of contention for the Ethereum price as we are seeing strong supply and demand playing out in the Ethereum price on the 4-hour timeframe. This imbalance is causing the Ethereum market to range and trade sideways, putting a pause to the bullish trend we have been experiencing all through the year.
For this bullish trend to resume, the Ethereum price needs to break and close above this $4,000 to $4,400 key region on the 4-hour timeframe.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the Altcoin price break and close above this 4-hour key region. A bullish breakout like this is the perfect bullish indication we need to confirm the end of the ranging market and the resumption of the rally higher.
However, this bullish prediction will remain valid as long as the Ethereum price continues to trade above the $4k key support on the 4-hour timeframe.
A break below this key support only indicates weakness and doom for the Ethereum price. This makes it very important for the Ethereum bulls to defend this $4k key support at all costs!
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