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We saw a massive sell-off play out in the Ethereum 1-hour timeframe earlier today! This sell-off was caused by a key price rejection after the Altcoin price tested and rejected massively from a key trend line that has been holding prices back for months now.
However, the question traders are asking right now is how much lower can we expect prices to go before the bulls come back in?
In this Ethereum analysis, we will be breaking down the $1,501 key support region the Ethereum price is currently trading at, and how there is a very high probability that we might see this level hold in the coming days.
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Ethereum $1,501 Key Support!
This key support has played a major role in stoping the Ethereum price from selling off much lower in the past, and in the coming days we nights see it being used by the bulls again to push Ethereum back up.
This $1,501 support region is very important to the bulls because a price break below it could see us going much lower and continuing the bear trend we have been experiencing since last month.
However, if this $1,501 support holds strong, Ethereum could see a massive bounce from this region as the bulls use it as a perfect base to re-enter the market.
This kind of push back from the ETH bulls might even be powerful enough to breakthrough all resistance and push the Altcoin price to new highs in the coming days!
So, the big question now is will the $1,501 support hold or not?
Final Verdict!
The Ethereum sell-off might be coming to an end soon. The key level we are closely watching right now is the $1,501 key support region in the 1-hour timeframe.
If this key support holds, there is a very high probability that we might see a massive surge in the Ethereum price in the coming days.
However, if price breaks below this support zone, Ethereum might just continue to head much lower.
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