The Ethereum price is currently testing major support in the 4-hour timeframe. This support has been held on numerous occasions and might continue to do so in the coming days.
In this Ethereum analysis, we will be breaking down this key level, the pattern we are currently watching, and what might happen if the Ethereum price breaks through this key level in the coming days.
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A Larger Outlook On Ethereum! What Has Price Been Doing?
The Ethereum price has been ranging for a while now. This sideways trading has created a Channel Pattern the ETH price has respected over and over again in the 4-hour timeframe.
This pattern gives us solid support and resistance levels to watch for the Ethereum price to react from. And right now Ethereum is trading at the base support of this Channel Pattern.
The question now is can the ETH bulls hold on to this key support and stop the Ethereum sell-off or will we break through and see a massive dump to the downside?
Ethereum Bullish Prediction!
For the Ethereum price to become bullish anytime soon, we need to see this $2,600 key support hold. And this is very important because every time we have seen this key level held, the Ethereum bulls always manage to come back in full force.
So in the coming days, we will be keeping a close eye on this $2,600 major support level to see how the price interacts with it.
What Happens If This $2,600 Price Level Fails?
If the Ethereum bulls fail to hold on to this $2,600 price level, there is a very high probability that we might see a massive dump in price in the coming days.
This price sell-off could easily push us back down to the $2,445 price level in the coming days. This is a more than -8% dump in the price of ETH.
The Ethereum price is trading at a critical level in the 4-hour timeframe. All eyes are on this $2,600 price support, will it hold or will it fail?
If it holds, there is a very high probability that we might see a massive bounce and rally in the Ethereum price soon! However, if it fails, then the Ethereum sell-off might just be getting started.
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