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In an Ethereum previous analysis, Ethereum Bullish Prediction Playing Out! Watch This Key Support!, we talked about the $4,680 key level in the 15 minutes timeframe and how it was necessary for the Ethereum bulls to defend this key support if we want to see the bull run continue.
Well, that 15 minutes support just got broken today pushing the Ethereum price into bearish territory.
In this Ethereum analysis, we will be talking about what we believe might play out in the coming days and the key levels we are watching.
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Ethereum $4,680 Key Level
The most important level for the Ethereum bulls right now is the $4,680 key resistance in the 15 minutes timeframe.
As long as Ethereum continues to trade below this resistance, we can expect to see the Ethereum range sideways or trend lower in the coming days.
This makes it very important for the Ethereum bulls to break through this $4,680 key level first if we are to see prices begin to head higher again in the coming days.
Ethereum Bearish Prediction!
For the Ethereum bearish prediction, we want to see the Altcoin price continue to trade below the $4,680 key resistance region in the 15 minutes timeframe.
If the Ethereum price fails to break through this key level, we can expect to see the Ethereum sell-off increase in the coming days, pushing the Altcoin back down to the $4,000 support region.
Final Verdict!
While Ethereum might still be very bullish on the long-term timeframe, the short-term price action is currently showing building bearish pressure on the Altcoin.
The Key level we are watching is the $4,680 key resistance in the 15 minutes timeframe. As far as the Ethereum price continues to trade below this key resistance, there is a very high probability that we might see more movement to the downside in the coming days.
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