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The Ethereum price is rallying higher exactly as we predicted in our previous ETH analysis Ethereum In Free Fall! Watch These Levels. However, this bullish rally is pushing Ethereum back into a strong confluence of resistance in the 4-hour timeframe.
How the ETH price reacts to this resistance region will have an effect on the direction the Ethereum trend will take in the coming days.
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The Ethereum Key Resistance Region
The key resistance we are watching in the Ethereum price chart is a confluence of two key levels in the 4-hour timeframe. The Ethereum price has tested this key region in the past and failed to break through it. And right now, it is testing it again!
A bullish break above this confluence of resistance in the 4-hour timeframe indicates that the bullish momentum is picking up again in Ethereum.
Ethereum Bullish Prediction
For the Ethereum bullish prediction, we need to see the Altcoin price rally and break above this resistance region in the 4-hour timeframe.
A bullish breakout like this would confirm our bullish bias and open the way for Ethereum to surge back to the $3,998 price level in the coming days.
Ethereum Bearish Prediction
However, if Ethereum fails to break through that confluence of resistance located in the 4-hour timeframe, there is a very high probability that we might see more bearish pressure and a potential price sell-off back down in the coming days.
Final Verdict!
Ethereum is testing a critical resistance level in the 4-hour timeframe. A break of this resistance level keeps our bullish hopes high and indicates more bullish momentum to come into Ethereum in the coming days.
However, a failure to break through this 4-hour key resistance could spell doom for the ETH bulls.
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