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Ethereum is still facing steep resistance to the upside, and right now the price of the Altcoin is currently trading below a key resistance level on the 4-hour timeframe.
And when we zoom out a bit, we notice that this $2,743 horizontal level has previously served as both key support and resistance to the Ethereum price on numerous occasions in the past, making it one of the most important levels currently holding the Ethereum bulls back.
Can the ETH price break through this $2,743 level in the coming days, or should we expect to see more sell-off in prices soon?
In this Ethereum analysis, we will be talking about both the bullish and bearish price scenarios for Ethereum and what you should be looking out for in the coming days.
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Ethereum Bullish Price Scenario!
For Ethereum to become bullish again, the Altcoin must break and close above the $2,743 key resistance level.
This price level is very important for the Ethereum bulls because it is a key position where a lot of selling orders are currently sitting on the higher timeframe.
And unless these selling orders get taken out, we might just continue to see the selling pressure on Ethereum continue to increase.
This makes taking out this $2,743 key level the first and most important thing the Ethereum bulls must do to get back into the bullish territory and take back control of the Ethereum market trend.
Ethereum Bearish Price Scenario
For the Bearish price scenario, we want to see the $2,743 key level continue to hold. We already saw Ethereum try to break through it earlier this week and failed, showing clear signs of sellers in that price region.
If it continues to hold, we might just see the Ethereum price crack under the pressure and continue selling in the coming days.
Final Verdict!
The key level to watch on the Ethereum chart is the $2,743 price level. This level is so important because it helps us divide the bullish territory from the bearish territory.
And right now, Ethereum is in the bearish territory and will remain in this sell region unless we can see price break back above the $2,743 level in the coming days.
Until a bullish break out like this happens, the Ethereum price might just be doomed to continue trending lower.
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