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In our previous Ethereum analysis, ETH Still Holding This Key Support! What Now? we talked about the possible price scenarios to watch out for on Ethereum as well as the most important support for the Altcoin price right now!
Well since publishing that TA, the Ethereum price has continued its gradual move higher.
So for this Ethereum price analysis, we will be looking at the bullish price scenario for Ethereum and talking about the key resistance we need to see the ETH bulls break above in the coming days.
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ETH $1,609 Key Resistance!
The most important key resistance the Ethereum bulls would have to battle with and break through in the coming days is the $1,609 price level in the 4-hour timeframe.
This $1,609 key level has held strong on 3 previous occasions and will need to be broken if we want to see this bullish move in Ethereum continue.
So for now, despite Ethereum gradually pushing up higher, we are still not bullish on the Altcoin price. However, our bias will change from neutral to bullish if Ethereum manages to break through this 4-hour resistance.
How To Get Ready for Anything
The Ethereum trend is still undecided! However, we are currently watching 2 key levels in the 4-hour timeframe. And whichever of these levels the Ethereum price decides to break will help us know exactly what direction Ethereum might take in the coming days.
- For the bulls, we want to see the Ethereum price break and close above the $1,609 key resistance
- For the bears, we want to see Ethereum break below the $1,503 key support.
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