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In our previous analysis ETH Price Short Squeezing To The Upside! Start Of A New Bull Run? we talked about the root cause of the crypto rally currently playing and identified the key resistance level the ETH bulls would need to break through if they want to sustain this rally.
Well, that $1,701 key resistance level has finally been broken! The Ethereum price is now trading in a price region we have not been in since September 2022.
In this Ethereum analysis, we will be breaking down the new key levels we are currently watching as well as the possible price scenarios that might play out in the coming days.
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ETH Rally To $2,089?
By breaking through the $1,701 key resistance level in the 4-hour timeframe, the ETH bulls now have an opportunity to push the Altcoin price even higher in the coming days.
A price push like this could easily see us testing the last year’s August highs at $2,089. This is a potential +15% surge in the value of Ethereum and can play out anytime now, even as more volatility continues to pour into the crypto market!
ETH Key Level To Watch!
The key level to watch for the Ethereum price right now is this $1,701 previous resistance now turned support in the 4-hour timeframe.
We want to see the Altcoin price hold on to this key support and use it as a springboard to resume its up trend in the coming days.
A price break below this new $1,701 key support only signifies a growing weakness in the Ethereum price. This makes it very important for the bulls to defend this level at all costs.
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