Is Ethereum Finally Reversing From This Weekly Key Support?

4:37 pm, Tue, 31 May 22

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Is Ethereum Finally Reversing From This Weekly Key Support?
Is Ethereum Finally Reversing From This Weekly Key Support?

The Ethereum price has finally found support at a weekly key level after months and months of consistent price sell-off. This $1,684 horizontal level has served as major support since last year and might continue to do so for the foreseeable future.

Right now, we are seeing the Ethereum price bounce from this key level and the question traders are asking now is

How high can we expect this Ethereum bullish rally to get to in the coming days?

In this Ethereum analysis, we will be taking a critical look at what happened to the Ethereum price in the past when prices got to this $1,684 support and what that might mean for ETH in the coming days.

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Is History About To Repeat?

Is Ethereum Finally Reversing From This Weekly Key Support?
Is Ethereum Finally Reversing From This Weekly Key Support?

The $1,684 support is a major level that has seen strong price action in the past. And to understand how important this weekly key level is, we need to take a close look at what happened to the Ethereum price the last time it got to this price low.

This was during the 2021 ETH sell-off that occurred immediately after Ethereum made new ATHs. This price sell-off lasted for months and saw ETH lose more than -60% in value.

However, when the ETH price got to this $1,684 key support, we saw the bulls react pushing the Ethereum price back into a bullish trend and the start of a new ETH rally.

What Is Happening Now?

Well, that bullish reaction is already playing out again as we speak. The question now is “is this the start of a new Ethereum bull run?” and the truth is no one knows.

However, what we do know is that the Ethereum price has the potential to continue rallying higher “even to new ATHs” as far as the ETH price respects and continues to trade above this $1,684 key support.

Is Ethereum Finally Reversing From This Weekly Key Support?
Is Ethereum Finally Reversing From This Weekly Key Support?

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