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The Ethereum price closed the trading day in the red after the Altcoin retraced most of the bullish rally we saw play out yesterday. However, this price sell-off might be over soon!
In this Ethereum analysis, we will be talking about the $4,680 key support region in the 15 minutes and how this level might bring the bullish momentum we need to push Ethereum back up in the coming days.
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Ethereum $4,680 Key Support!
We talked about the importance of this 15 minutes support to the Ethereum bull traders in our previous analysis Ethereum Bullish Prediction Playing Out! Watch This Key Support!
In that analysis, we made it clear that
For Ethereum to remain bullish, the Altcoin price must respect and continue to trade above the $4,680 key support region in the 15 minutes timeframe.
A break below this $4,680 support would only push the Ethereum price into bearish territory and only increase the potential for us to see a deeper sell-off in the coming days.
What Next For The ETH Price!
For us to remain bullish on Ethereum, we want to see the bulls step and defend the $4,680 key support. If the ETH price continues to trade above this 15 minutes support, we can expect to see the Ethereum price reverse and begin rallying back higher in the coming days.
This makes this 15 minutes support the most important level for the Ethereum bulls in the coming days.
Final Verdict!
The Ethereum bulls are still in full control of the market. This pullback we are seeing is just a healthy pullback required from the price after a surge.
However, for this retracement to remain a slight pullback and not a full reversal, the Ethereum price needs to respect the $4,680 key support in the 15 minutes timeframe. A break below this support only indicates weakness for Ethereum.
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