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For days now, we have been hammering on the importance of the $1,679 key resistance level and how we need to see the ETH price break and close above it if the Ethereum bullish rally is to continue playing out in the coming days The Most Important Resistance ETH Must Break To Become Bullish!.
Well, that key level has held strong since then making a lot of traders wonder why this $1,679 price region is so important to the ETH price.
In this Ethereum analysis, we will be going higher in the timeframe to better see a clear picture of what this $1,679 resistance looks like and why it is heavily defended by the ETH bears.
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Bigger Picture From the 4-hour timeframe: Why Is $1,679 So Important?
From the 4-hour timeframe, we immediately see something very unique and important about the $1,679 key resistance level.
Since the beginning of 2023, the Ethereum price has tried to break through this key level without any success.
This makes this level a major psychological level to hold for the bears if they want to have any chance of pushing the ETH price lower anytime soon!
Will History Repeat Itself?
Every time the Ethereum price has failed to break and stay above this $1,679 resistance level, we have seen the Altcoin sell-off rapidly.
So for now, we believe the Ethereum price is in the bearish territory and will remain in this bearish territory until the bulls can manage to break through the $1,679 key level.
This bullish breakout is still yet to happen, so taking any buy setup that might be presenting itself right now might still be very risky.
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