The Ethereum bullish rally has been picking up pace exactly as we predicted. And this increase in bullish momentum has pushed the Altcoin price to our first key level at $1,690.
We talked about this key resistance in depth in our previous analysis ETH Bullish Prediction! Key Levels To Watch For, warning our readers that this $1,690 level is the first level the bulls will have to battle in the coming days.
Well, Ethereum has just tested this $1,690 key level in the 4-hour timeframe What does this mean and what should we expect next?
In this Ethereum analysis, we will be breaking down what we are currently watching in the 4-hour timeframe and what we believe might happen next for Ethereum.
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ETH Testing $1,690 Key Level
The $1,690 level is the first resistance the Ethereum bulls must breakthrough if we expect to see this Altcoin rally continue to play out in the coming days.
Right now, Ethereum has tested this level and failed to break through, making a lot of traders wonder if this might be the end of the Ethereum bullish rally.
Well, we don’t think so! We believe Ethereum still has the potential to continue to push higher in the coming days. However, this bullish prediction can only remain valid if the Ethereum price can stay above a key support level in the 4-hour timeframe!
Ethereum Bullish Invalidation Level!
The Ethereum bullish prediction can only stay valid if and only if the ETH price can continue to respect and stay above the $1,069 previous lows in the 4-hour timeframe.
If the bulls can respect this key support, there is a very high probability that we will see an eventual push higher for Ethereum in the coming days.
So for now, we will remain bullish on Ethereum and believe that this bullish rally is only beginning for the Altcoin.
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In Other News…
Total Crypto Market Cap Approaching $1T Again!
After years of bearish decline, the crypto market is now heaving a sigh of relive!
The BTC and ETH crypto coin giants are leading the way for a massive rally that started this 2023. And this rally is already bringing in more volume, volatility, and additional investment into the crypto market again!
And with this increase, we are seeing the crypto market cap skyrocket again. Will this be the beginning of a new bull run for the crypto market?
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