The Ethereum price is right now trading at a key support region in the 1-hour timeframe. This zone is very critical and will directly affect the Ethereum trend in the coming days.
In this ETH analysis, we will be breaking down what the bearish price scenario would look like for Ethereum and what we can expect in the coming days.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $30,000 Bonus when you fund your Bybit account with our Bybit link
Claim up to $30,030 in Bonus
Is Ethereum Bullish Or Bearish?
Right now, the Ethereum trend is still undecided! And the last key support holding the price up is the $1,566 key zone in the 1-hour timeframe.
If this support zone gives way, there is a very high probability that we might a much deeper sell-off play out in the coming days.
This potential sell-off could easily push the Ethereum price back down to the $1,459 previous lows or more. But for that to happen, the ETH price must first break and close below the $1,566 support zone.
Until this breakdown happens, the ETH bulls will continue defending this key level at all costs.
Ethereum is right now trading at a very critical level in the 1-hour timeframe. The trend the market will take for the coming days will depend on if the ETH bulls can defend this $1,566 key support zone or not.
In this ETH analysis, we took a look at the possible price scenario to expect if this bearish prediction was to play out.
However, if you are still bullish on Ethereum and believe we should be expecting a price bounce, then check out our bullish price scenario for Ethereum ETH Flag Pattern Still Holding Strong! Watch These Key Levels
How to Trade Bitcoin (BTC)?
To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting