The Ethereum price has been struggling to break through the $1,690 key resistance level all January and has failed! This is very important because this might affect the Ethereum bullish rally, cutting it short in the coming days.
In this Ethereum analysis, we will be talking about the potential sell-off that might occur soon as well as the key support to be watching out for in the coming days.
We believe there is a very high probability for the Ethereum price to smash this key support before bouncing back or breaking below and continuing its push down.
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ETH Key Support To Watch!
By failing to break through the $1,690 key resistance level, the ETH price is showing signs of bullish weakness. And this weakness might translate to a potential sell-off in the coming days.
And the first key support we are watching for this sell-off to push Ethereum down to is the $1,477 support zone in the 4-hour timeframe.
We have seen this $1,477 support zone come into play in the past, and it might be the perfect zone to see buyers begin to pour back into the Ethereum market.
If this $1,477 support holds, we might see a bounce and then a potential rally for Ethereum from this key region, finally pushing the Altcoin past resistance and much higher.
Final Verdict!
We are still very bullish on Ethereum and believe that the move higher is still far from over! However, we are looking a bit overextended to the upside and might see a bit of a pullback in price before the rally continues.
How far back this pullback will go depends on if Ethereum would find support and bounce at the $1,477 key level.
If this key support holds, we might see Ethereum resume its bullish move soon. However, if this $1,477 support gets violated, we might see even more sell-off in price before Ethereum finally finds new support.
So for now, we are keeping a close eye on $1,477 to see if it holds.
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