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In our previous Ethereum analysis ETH Bearish Pressure Intensifying! Is This A Sign For More Sell-Off? we identified the $1,800 key resistance zone as the most important level the Ethereum bears had to defend if we want to see this Altcoin sell-off continue in the coming days.
However, the bulls have finally been able to push the Altcoin price past this key level in the 4-hour timeframe. And in this Ethereum analysis, we will be breaking down what this bullish rally means for ETH price and what we can expect to see in the coming days.
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Previous Resistance Now New Support!
By breaking through the $1,800 key zone, the ETH bulls have successfully converted this previous resistance into new support. The question now is can this new support hold?
For the ETH bulls to hold on to this market or even attempt to continue pushing the Altcoin higher, we need to see this $1,800 price level hold at all costs.
So in the coming days, we will be keeping a close eye on this level to see how the ETH price reacts to it. Will we see more bullish pressure begin to step into the market as buyers try to defend this zone?
The ETH bulls are struggling to wrestle back control of the market in the 4-hour timeframe. But for this to happen, we need to see the Ethereum price hold on to the $1,800 key support and continue to trade above it.
If the ETH bulls can defend this key level successfully, there is a very high probability that we might see a more aggressive push to the upside in the coming days.
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