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In our previous Ethereum analysis, Ethereum Just Broke This Major Support! This Could Happen Next we talked about the ETH $2,672 key level on the 4-hour timeframe.
This horizontal price level served as a strong Ethereum support in the past but failed to do so again as the ETH bears finally broke through it and converted it into a New Resistance for the Ethereum price.
That new resistance is currently holding strong for Ethereum as we see price trading sideways and building up more momentum for a potential drop lower in the coming days.
In this Ethereum analysis, we will be talking about the key levels to watch as well as what we believe might happen in the coming days.
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Ethereum Key Levels To Watch
Right now, the most important key level for Ethereum is the $2,672 horizontal price level currently serving as resistance on the 4-hour timeframe.
For Ethereum to remain bearish in the coming days, we want to see price respect and continue to trade below this key resistance.
Once this price level holds, there is a very high probability that we might see more selling pressure begin to enter the Ethereum market and potentially push the price lower.
What Is Happening Right Now?
Right now, Ethereum is ranging just beneath that $2,672 key resistance. This sideways trading serves as a break and retest for the price, confirming that price level switching from previous support to new Resistance for Ethereum.
What we now want to keep on seeing is the price continuing to trade below the new resistance and finally pushing lower for the new round of ETH price sell-off to begin.
For how low we expect prices to go, you can check out our previous analysis Ethereum Just Broke This Major Support! This Could Happen Next where we break down the next key support to keep an eye on in the coming days.
Final Verdict!
The Ethereum price is looking very bearish at the moment as the price is currently trading below the $2,672 key resistance on the 4-hour timeframe.
However, for Ethereum to remain bearish, this $2,672 key resistance must continue to hold. A break back above this key level could see the Ethereum bulls fighting their way back in and potentially pushing prices higher again.
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