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The crypto market ended the trading day bullish, rallying exactly as we predicted in a previous ETH analysis The ETH Rally Has Started! Watch These Bullish Price Targets
However, this bullish rally might be over soon! The Ethereum price is currently trading around a key horizontal resistance in the 15 minutes timeframe. If this resistance continues to hold, there is a very high probability that we might see a price sell-off soon!
In this Ethereum analysis, we will be talking about the $3,568 horizontal resistance and the bearish targets that might be coming into play soon.
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ETH Testing Key Resistance! What Next?
The Ethereum price is currently trading below the $3,568 horizontal resistance in the 4-hour timeframe.
This resistance is a critical point for the Ethereum bulls as a break above it could see us surging back towards the ATHs in the coming days. But if Ethereum continues to trade below this resistance, we might see more weakness and bearish price action play for Ethereum.
Bearish Targets For Ethereum
We are watching two key supports right now in the ETH 4-hour timeframe. There is a very high probability that we might see bullish momentum come back into the Ethereum market at one of these levels.
The ETH Ascending Channel Support
The first bearish target we are watching is the support level of the ascending channel pattern currently playing out in the 4-hour timeframe. We have seen the Ethereum price test this support on numerous occasions and might do so again in the coming days.
If this support region holds, we can expect to see the Ethereum price test and bounce from this region in the coming days. However, if the price breaks below this ascending channel support in the 4-hour timeframe, the next key support to watch is the $2,921 horizontal resistance.
The $2,921 Horizonta Support
The second support region we are watching is the $2,921 horizontal price level. This level is a critical level for the Ethereum price. A price break below this support level could spell doom for the Ethereum price.
This makes it very important for the Ethereum bulls to defend this support at all costs!
While ETH might be selling off as we speak, we are still very bullish on the Altcoin and believe there is still a very high probability that we might see a bullish rally in the coming days.
But for this to happen, Ethereum needs to continue trading above the $2,921 horizontal support in the 4-hour timeframe. A break below this support could spell doom for Ethereum!
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