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If you have been following our Ethereum analysis, then you might have been prepared for the massive sell-off we saw play out on the Ethereum price chart Ethereum Bullish Rally Far From Over! Watch These Key Levels.
We warned our readers of this potential bearish move and that move played out exactly. Right now, Ethereum is testing a critical support level on the 4-hour timeframe.
And in this Ethereum analysis, we will be talking about the importance of this $3,890 key support and why the ETH bulls must defend it at all costs in the coming days!
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Ethereum Key Support Holding Strong!
The Ethereum price is currently trading at a very critical support level on the 4-hour timeframe. And we can be assured that the bulls are piling up into this region because we have already seen a massive price rejection from this area.
This price rejection is a clear indication that the ETH bulls are not ready to give up this support but we will need to see more bullish momentum come into play if we expect to see the Ethereum price begin rallying back up.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the Altcoin respect and continue to trade above the $3,890 key support on the 4-hour timeframe for our bullish bias to remain valid.
It is only if this key support can be respected can we hope to see the Ethereum price begin to rally back up to the ATHS region.
Final Verdict!
We are still very bullish on Ethereum but for that bullish bias to remain valid, the Ethereum price must continue to trade above the $3,890 key support level on the 4-hour timeframe.
A price break below this key support only means doom for the ETH price. This makes it very important for the ETH bulls to defend the $3,890 at all costs!
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