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The Ethereum bulls are struggling to hold a key support in the 4-hour timeframe. This $1,623 price region as sererd as minor support and resistance for the Ethereum price in the past making it a very key level to keep a close eye on.
In our previous Ethereum analysis ETH Struggling To Break This Key Resistance! What Now?, we talking a little about this $1,623 price region and how it could affect the Ethereum trend for this week.
In this Ethereum analysis, we will be going a little bit more indepth about this $1,623 price region, why it is important, and what an ETH bearish prediction might look like in the coming days.
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Can The ETH Bulls Defend This Critical Support?
The Ethereum bulls are still struglling to hold this $1,623 price region. And the more the ETH price is testing this key region, the more weaker this level gets.
The question traders are asking is “can the ETH bulls defend this $1,623 support?”
If this level gives way, there is a very high probability that we might see the Altcoin price break down to the $1,555 price level or even lower in the coming days.
So for the bulls, it is important to defend this $1,623 price level at all cost if they want to prevent the Ethereum price from moving lower any further.
Why Did Ethereum Price Fail To Rally After The Triangle Breakout?
If you have been following our price prediction on Ethereum for any number days, then you know we have been ultra bullish on the Ethereum price after the Altcoin formed a Triangle Pattern in the 4-hour timeframe.
However, the Altcoin bullish breakout and rally from the pattern came to an abrupt end after the ETH price failed major resistance. We talked more indepth about this resistance in our previous analysis ETH Bullish Prediction Playing Out Exactly! Price About To Break Through this Major Resistance
By failing to breakthrough this key resistance, the bulls showed weaknees and now the ETH bears are capitalizing on that and attempting to push the Altcoin price lower in the coming days.
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