The crypto market closed the day in a bullish frenzy as crypto investors digested the news of the official launch of the first-ever Crypto ETF approved by the Securities and Exchange Commission in the USA.
This bullish rally saw the Ethereum price surging more than 7% today as the Altcoin price played out exactly as we predicted in our previous analysis Ethereum Price Breaking Out Now! Watch This Converging Triangle Pattern!!
But that bullish really might be far from over! In this Ethereum analysis, we will be talking about the $4k key support we are currently watching as well as the potential price rally to ATHs soon!
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The Ethereum Bulls Are Still In Full Control!
The Ethereum bulls are still in full control of the market and showing clear signs that they want to keep this bullish momentum going for the coming days.
However, Ethereum might be currently overextended and may need to pull back a bit before this bullish rally continues. The key level we are watching is the $4k horizontal support level in the 4-hour timeframe.
The Ethereum $4k Key Support
This $4k horizontal level is a key level for the Ethereum price in the 4-hour timeframe and has served as a strong resistance before in the past. The current price break above this resistance opens up the way for Ethereum to rally back to ATHs soon!
But for this bullish bias to remain valid, ETH must respect and continue to trade above this 4-hour key support!
Ethereum Bullish Prediction!
As far as Ethereum continues to trade above this $4k key support in the 4-hour timeframe, we will remain bullish on the Ethereum price with our next target being the ATHs!
However, a break below this key support invalidates this bullish bias and only points to a growing weakness and a potential dump in price.
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