For days now, we have been talking about the $1,707 key support in the Ethereum 4-hour timeframe and warning our readers of how important this key support is to the ETH bulls.

Well, right now the Ethereum price is testing this key level and there is a very high probability that if it breaks through we might see a massive sell-off in the ETH price in the coming days.

In this Ethereum analysis, we will be breaking down this bearish price scenario and talking about the key levels we are currently keeping our eyes on.

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Is The ETH Price Getting Ready To Sell Off?

The Ethereum price has for weeks now been ranging within a converging pattern in the 4-hour timeframe.

This pattern offered us key support and resistance level to watch for the price to respect. However, Ethereum has just broken through the support channel of this key converging pattern and now there is a very high probability that we might see a rapid pushdown in the coming days.

But for this push down to happen, we need to see the ETH $1,707 key support level in the 4-hour timeframe give way. This $1,707 key support is the last support holding this ETH sell-off from happening.

If it gives way, there is a very high probability that we might see the Altcoin crash to the $1,600 price level or even lower.

Final Verdict!

The Ethereum price is currently trading at a key level in the 4-hour timeframe. How the ETH price reacts to this $1,707 key support will determine the trend of the market for the next few days.

So for now, we are closely watching this $1,707 key support to see if the bulls can defend and continue to hold it or if the ETH price will finally push through and continue to sell off.

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