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In our previous Ethereum analysis, ETH Bullish Prediction Playing Out Exactly! Price About To Break Through this Major Resistance we talked about the key Triangle Pattern the ETH price is breaking out from and also the key resistance level the ETH bulls have been struggling to break through in the 4-hour timeframe.
Well right now, the Ethereum price has rejected breaking out from this key level again! Making a lot of traders worry that this might be a sign of weakness in the ETH bullish rally.
In this ETH analysis, we will be talking more in-depth about this price rejection as well as what we believe might happen next in the coming days.
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ETH $1,690 Key Resistance Still Holding! What Now?
After testing this key resistance over and over again this past few weeks, the Ethereum bulls are still unable to push the Altcoin price above the $1,690 key resistance level.
This could mean we might begin to see selling pressure enter the market and try to push the Altcoin lower in the coming days.
Right now, Ethereum is trading at the $1,607 minor region that has served as both support and resistance in the past. If this minor region can hold, there is a probability that we might see the Altcoin price bounce and begin to rally higher in the coming days.
However, if this $1,607 price region gets broken by this ETH sell, we might see Ethereum continue to push much lower in the coming days.
Final Verdict!
The Ethereum bulls have a very limited time to stop this move lower in price from going any further. And to do that, the ETH bulls need to hold on to the $1,607 minor support at all costs.
Ethereum is currently trading around this support region right now, and how the price reacts to this $1,607 level will have a major effect on the ETH market trend for next week.
So for now, we will be keeping a close eye on this level to see what happens.
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