Ethereum Testing This Major Weekly Support! What Next?

1:37 pm, Sun, 29 May 22

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Ethereum Testing This Major Weekly Support! What Next?
Ethereum Testing This Major Weekly Support! What Next?

The Ethereum price is currently testing major support in the weekly timeframe. This $1,684 price level is very important to the ETH bulls because it has played a major role in stopping an Ethereum bear market in the past.

The question now is will it be able to achieve such success again or will Ethereum finally break below it?

In this Ethereum analysis, we will be talking about this key weekly support level as well as the possible price scenarios we can expect to see in the coming days.

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Ethereum Price Scenarios To Watch Out For!

The first price scenario we will be watching out for Ethereum is a price bounce off the $1,684 support and a subsequent rally higher.

This is our favorite price scenario and it indicates that the Ethereum sell-off that has lasted all through this year might be coming to an end very soon.

We have seen this type of price bounce happen in the past for Ethereum so we know the $1,684 price level is up to the task. In the coming days, we will keep on watching this key level to see how the price reacts to it.

Ethereum Testing This Major Weekly Support! What Next?
Ethereum Testing This Major Weekly Support! What Next?

Ethereum Bearish Price Scenario

For the Bearish price scenario, the Ethereum price needs to break through the $1,684 weekly support to head lower. Until a bearish breakdown like this happens, we will continue to remain optimistic that Ethereum might bounce from $1,684.

However, if Ethereum does break below the 1,684 key level, the next price to watch out for is the $1,303 minor support area.

Ethereum Testing This Major Weekly Support! What Next?
Ethereum Testing This Major Weekly Support! What Next? Watch this bearish price scenario

We have seen the Ethereum price bounce from this $1,303 minor support area before in the past and there is a very high probability that it might hold if the $1,684 weekly key support fails.

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