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For days now, we have been talking about the $1,707 key support region in the 4-hour timeframe and how the ETH bears would need to push the Altcoin price below this key level for us to even think of becoming bearish on Ethereum.
Well try as they may, the bears failed to break below this $1,707 key support. And in the past few days, we have seen more bullish power continue to pour in and try and defend this $1,707 key support region.
In this Ethereum analysis, we will be trying two important questions traders are asking;
- Why is this $1,707 key support in the 4-hour so important and
- Is the Ethereum trend bullish/bearish?
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Why Is This 4-hour Support Region So Important?
One thing a lot of analysts or even traders have not noticed yet is that “Ethereum is currently trading at a major level in the 4-hour timeframe”
And every time the ETH price has broken below this key support region, we have always seen massive sell-offs occur on the Ethereum price chart.
In simple terms; if the ETH bulls lose control of this major support region in the 4-hour, we can expect to see the Altcoin sell-off massively in the coming days.
For this not to happen, we need the ETH bulls to continue fighting like hell to defend this region. And for now, they might be winning but the question is “for how long?”.
Is The Ethereum Trend Bullish/Bearish?
To make things visually simple, I will divide the ETH price chart into 2 sections, the bullish territory, and the bearish territory.
As far as the Ethereum price continues to hold on to this key support region in the 4-hour, we will remain bullish on the Altcoin.
However, if the bears can manage to push the ETH price below this 4-hour key support, Ethereum will officially be in the bearish territory and there will be a high probability for us to see more push down for the Altcoin.
That breakdown has still not happened, so for now we will remain bullish on Ethereum. The only thing we are waiting for is to see more bullish volume come into the market for us to resume our move higher.
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