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In our previous Ethereum analysis Ethereum Trading Back At This Level. What Now? we talked about the $1,233 key level and how it was a major resistance the bears were struggling to hold on to.
Well, the Ethereum price has spiked through that key resistance. This spike in price saw a massive rally follow in the Ethereum lower timeframe.
But how long can this rally last? Right now, Ethereum is already running into another major resistance in the 1-hour timeframe. How the price reacts to this $1,417 resistance region will affect the trend the Altcoin will take in the coming days.
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Ethereum Running Into Major Resistance In The 1-hour Timeframe.
The Ethereum price is currently trading around a major resistance zone in the 1-hour timeframe. This resistance zone is a major level where we expect to see Ethereum sellers begin to re-enter the market and resume the push low for the Altcoin price.
So for the coming days, we will be keeping a close eye on this $1,417 resistance zone to see how the Ethereum price will react to this major level.
What Next For Ethereum?
The Ethereum price still has a few levels it needs to break through to enter into a bullish market. One of those levels is the ETH $1,417 key resistance zone in the 1-hour timeframe.
We expect to see Ethereum begin to face more bearish pressure from this area in the coming days. This bearish pressure has a very high probability of pushing the Altcoin price back down to the $1,067 previous support in the 1-hour timeframe.
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