In our previous Ethereum analysis, ETH Bullish Prediction Playing Out Exactly! Next Target $2,089? we talked about the bullish price scenario for the ETH price and the possibility for us to see a rally in the coming days.
We also warned our readers of the $1,701 key support and how it was very important for the ETH bulls to defend this key support if we want to see this bullish prediction play out.
Well, the Ethereum bulls have failed to hold on to this $1,701 key support and now we are seeing the Altcoin give back profits it made during the price surge.
In this Ethereum analysis, we will be breaking down the new key levels we are currently watching and the possible price scenarios to watch out for in the coming days.
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Is The Ethereum Rally Over?
By breaking below the $1,701 key support in the 4-hour timeframe, the Ethereum bullish rally is showing signs of weakness. However, we do not believe that rally is over just yet!
There is still a very high possibility for us to see a price bounce and bullish continuation to the upside in the coming days. And for this to happen, there are a few minor support we are currently watching in the 4-hour timeframe.
If Ethereum consolidates and finds buying pressure from this minor support, there is a very high probability that this current pullback in price will come to an end immediately.
ETH $1,579 Minor Support!
For now, the first key level we are currently watching is the $1,579 minor support in the 4-hour timeframe.
The Ethereum price is already getting very close to this key support, meaning that in the coming days, we will find out if the bulls are ready to re-enter the market and begin pushing the Altcoin price higher from here.
If this $1,579 key support holds, there is a very high probability that we might see a bullish rally that would push the price back above the previous highs we just sold off from!
For now, we are still bullish on Ethereum and believe the rally is far from over. What we are currently experiencing is a cool-off period for the Altcoin before we find support and resume the push higher.
The key level we are currently watching is the $1,579 minor support in the 4-hour timeframe. Can the bulls defend this key level?
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