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The Ethereum price is right now trading at a very important key zone in the 4-hour timeframe. What will happen to the ETH price and what direction the trend will take in the coming days will be directly affected by how the bulls handle this $1,669 key support.
In this Ethereum analysis, we will be breaking down the two possible price scenarios that might be setting up for the ETH price and what we are watching out for right now.
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ETH Bullish Price Scenario!
For the Ethereum bullish price scenario, we want to see the ETH price continue to respect and hold onto this $1,669 key support in the 4-hour timeframe.
If the ETH bulls can defend this key level, there is a very high probability that we might see massive buying pressure begin to re-enter the market from this price region.
This Ethereum buying pressure is the exact catalyst we need for the price to resume the push higher. So for now, we are watching this $1,699 key support closely to see if the ETH bulls can continue to defend and hold on to it in the coming days!
ETH Bearish Price Scenario!
For the Ethereum bearish price scenario, we want to see this $1,699 key support give way instead.
If the ETH bears can force the Altcoin price below this 4-hour key support level, there is a very high probability that we might see the Altcoin begin to sell off and trend much lower in the coming days.
So the deciding factor for what the Ethereum trend would be for the next couple of days/week is the $1,669 key support zone and how the ETH price reacts to this 4-hour level.
For now, the price is still holding on to it, meaning that the ETH bulls still believe in the bullish rally and are fighting any push down in price.
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