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In our previous analysis Ethereum Flash Crash! What Happened and What Next? we talked about the Ethereum key zone on the 4-hour timeframe. This key zone has been a major point of contention between the Ethereum bulls and the Ethereum bears.
Every time the ETH price has entered into this key zone, we have seen the Altcoin price range and trade sideways for weeks on end before either breaking back up or breaking down!
And right now, the Ethereum price is back in this range on the 4-hour timeframe bouncing between the $4,400 key resistance and the $4,000 support, building momentum and getting ready to explode soon!
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Ethereum Key Levels!
The key levels to watch are the $4,400 horizontal resistance and the $4,000 horizontal support for the 4-hour ranging zone. As far as the Ethereum price continues to trade within this key zone, we can expect to see the ETH price continue to trade sideways all through the day.
And how Ethereum breaks out from this key zone will have an immediate effect on the direction the ETH trend will take for the coming days.
Ethereum Bullish Prediction!
For the Ethereum bullish prediction, we want to see the ETH price breakthrough and close above this 4-hour ranging market zone. A bullish rally like this would be the perfect indication we need to confirm the resumption of the Ethereum bullish trend.
But for this bullish rally to occur, Ethereum needs to break above and stay above the ranging market zone at all costs.
Ethereum Bearish Prediction!
For the Ethereum bearish prediction, we want to see the Ethereum price break down and close below the $4,000 base support of that ranging market zone on the 4-hour timeframe.
A breakdown like this has occurred before and when it did we saw the Ethereum price crash more than 55% in value. This means if it occurs again and the Ethereum price breaks below this key zone on the 4-hour timeframe, it could be disastrous for Ethereum.
The Ethereum trend is still undecided and will remain so as far as the price continues to trade within this key zone on the 4-hour timeframe. Will we break out and start heading higher or should we expect to see a price crash in the coming days?
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