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In our previous ETH analysis, Ethereum Price Pushing Up! What Now? we talked about the rally we were seeing play out yesterday and how it could be a bullish fake-out before the bears resume the Altcoin price push lower.
Well, that bearish prediction is playing out exactly. In just today alone, the Ethereum price has crashed more than -8%, reversing all the gains it made over the last few days and indicating a stronger seller’s presence in the market.
In this Ethereum analysis, we will be talking about what this sell-off means for Ethereum and what we can expect next from the Altcoin price.
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ETH Testing This Key Support Again!
The Ethereum price has sold off back down to the $1,684 key support again. This 4-hour support has held over and over again for months now and is currently the most important level for the Ethereum bulls.
If the ETH bears can push the Altcoin price back below this $1,684 key support, there is a very high probability that we could see a massive -15% sell-off in Ethereum.
So for now we are watching this $1,684 key support to see if the Ethereum bears are finally ready to break below. Until that happens, we will need to stand aside and continue to watch the price action develop.
Final verdict!
We are still very bearish on the Ethereum price and believe that the Altcoin might be setting up to move lower in the coming days.
The $1,684 key support is the major level we are watching right now.
We need to see the Ethereum price break through and close below this $1,684 key support in the 4-hour timeframe for us to get the bearish confirmation we need to indicate the start of the ETH sell-off.
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