The Ethereum bullish rally has continued throughout today, with the Altcoin price pushing more than +5% already.
However, this rally has pushed the ETH price into a major level we have been talking about for a while now. In this Ethereum analysis, we will be breaking down why this $1,400 key resistance is very important and the possible price scenarios we can expect in the coming days.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
Claim up to $30,030 in Bonus
ETH $1,400 Key Resistance Level
The Ethereum price is currently running into major resistance in the 4-hour timeframe.
This $1,400 price level has served as a major level Ethereum has respected over and over again in the past. And in the coming days, we expect to see a price reaction from this level.
In the sections below, we will be talking about the possible bullish and bearish price scenarios we can expect and what that might mean for Ethereum.
ETH Bullish Price Scenario
For the ETH bullish price scenario, we want to see the ETH price breakthrough this $1,400 key resistance region in the 4-hour timeframe.
Unless the bulls can push the Altcoin price above this key resistance, we might just see the end of this Ethereum bull run and a fallback lower.
However, if Ethereum breaks through this level, this could be the start of a much larger move up for the Altcoin.
ETH Bearish Price Scenario!
For the Ethereum bearish price scenario, we want to see this $1,400 key resistance region hold.
If the Ethereum bears can hold on to this key resistance and prevent the Ethereum price from breaking out, there is a very high probability that we might see a renewed push to the downside in the coming days.
Ethereum is currently trading at a key resistance region in the 4-hour timeframe. And how the price reacts to this level will have a major effect on the direction the ETH trend will eventually take in the coming days.
We will be keeping a close eye on this $1,400 level to see what the price does around this region in the coming days.
Claim up to $30,030 in Bonus
In Other News…
Bybit is going all out this festive season with its list of bonuses, trading competitions, and cash giveaways as the exchange celebrates its 4th-year anniversary.
Register on Bybit, sign up with our link Bybit Sign-Up and Get up to a $30,000 Bonus.
To participate in the Bybit 4th year anniversary $1M lucky draw-spin, click this link and sign-up Bybit Aniversary Trading Competition
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting