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After the massive dump we saw in the ETH price yesterday, many traders are now wondering if this could be the prelude to a much bigger move to the downside in the coming days.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well the major support the ETH price is right now testing in the 4-hour timeframe.
Should we expect to see the Altcoin bulls defend this key support or will the bearish pressure only push through and keep on heading down in the coming days? Continue reading to find out.
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ETH $1,347 Key Support Region!
The Ethereum price is right now testing key support in the 4-hour timeframe. This $1,347 support region has served as both previous support and resistance for the ETH price in the past and might come into play again in the coming days.
If the bears want to keep on pushing the Altcoin price lower, we need to see the Ethereum price break and close below this $1,347 key support region. However, this kind of price breakdown is still yet to happen, meaning that the Ethereum bulls might be coming back into the market to defend this key region.
So for now, we will be keeping a close eye on this 4-hour support to see if it holds.
Final Verdict!
The Ethereum sell-off looks to have cooled down for now! However, the only support stopping the Altcoin price from continuing its push lower is the $1,347 key support in the 4-hour timeframe.
If the bulls want to regain control of this market, we need to see this $1,347 key support level hold at all cost! If ths Ethereum manges to break through it in the coming days, there is a very high probability that we might see more push to the downside for Ethereum.
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