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The Ethereum price made a volatile move this past week, dumping more than -12% in value. However, we believe this move lower might be overextended a bit and in the coming days we expect to see a small rally in the ETH price.
In this Ethereum analysis, we will be breaking down the key levels we are currently watching as well as the target zone we expect this bullish rally to push the ETH price into.
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ETH Key Levels To Watch!
The key zone we are currently keeping a close eye on in the Ethereum 1-hour timeframe is the $1,608 price level.
We have seen the Ethereum price react to this zone on numerous occasions throughout the past few weeks, and we believe there is a very high probability that the Altcoin will test it again in the coming days before continuing its push lower.
It is also important to note that this $1,608 zone also falls at the path of the Ascending channel support the Ethereum price just recently broke below.
This increases the possibility that ETH would want to do a BreakDown and Retest of this Ascending Channel Support before continuing to push lower
What To Expect In The Coming Days
For now, we are expecting to see a mini push-up in the Ethereum price back into the $1,608 zone. This is a potential +5% rally for Ethereum and might play out very soon as sellers begin to take some of their profits off the table.
So for now, we will be keeping a close eye on the ETH price to see how it reacts to this potential profit-taking in the coming days.
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