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The Ethereum price is currently down -53% from its ATHs. But how much more can we expect this sell-off to last?
In this Ethereum analysis, we will be talking about the next major key support on the ETH 4-hour timeframe. If this $1,715 price level holds, we might finally see an end to the current Ethereum sell-off and a price bounce back up soon!
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Ethereum $1,715 Support Level!
This 4-hour price level has served as major support for Ethereum in the past when we saw a similar price crash like the one playing out right now.
That crash was about -60% from the then ATHs of $4,395 and the sell-off lasted for months. But once it was over, the price recovery was very swift and sharp.
This price recovery might play out again on Ethereum in the coming days. But for that to happen, the $1,715 key support must hold in the 4-hour timeframe.
What Is Happening Now?
Well, the Ethereum price is still midway to this 4-hour key support. This means there is a very high probability that we might see a further -27% decline in the Ethereum price in the coming days.
This decline will be a result of selling pressure pushing the ETH price towards this key support on the 4-hour timeframe.
Final Verdict!
Ethereum is heading towards very critical support on the 4-hour timeframe. The major question we will be looking for answers to in the coming days would be “will the $1,715 key support hold?”
If this level holds, there is a very high probability that we might see a massive bullish reversal play out from this region, ending the ETH sell-off we have been experiencing for months now!
More Reading
If you are feeling a bit more bullish on Ethereum and believe the price might reverse way sooner than the $1,715 key level, you can check out our previous analysis Warning: Ethereum Sell-Off Just Got Worst! Watch This Key Level to find out what Ethereum must do right now to get back into the bullish territory!
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