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The crypto market closed the trading day deep in the red today as the Ethereum price led the sell-off we saw play out in the Altcoin market.
However, Ethereum is currently trading at a critical level on the 4-hour timeframe. Can this $4,000 support level hold or should we expect to see a massive sell-off in the coming days?
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Ethereum $4k Support!
The Ethereum $4k support is a key level that has played out on numerous occasions in the 4-hour timeframe. This key level is very critical for the Ethereum bulls as it is the line in the sand that separates the Ethereum bullish territory from its bearish territory.
Ethereum Bullish Predcition!
For Us to remain bullish on Ethereum, it is important that the ETH Altcoin respects and continues to trade above the $4k key support on the 4-hour timeframe.
If this key support holds, there is a very high probability that we might see the Ethereum bulls come back into the market and push the ETH price higher in the coming days.
However, this bullish prediction will remain only valid if Ethereum continues to trade above the $4k key support. A price break below this support invalidates this bullish prediction and indicates a potential sell-off for the Ethereum price in the coming days.
Ethereum Bearish Prediction!
The key level to watch is the $4k key support on the 4-hour timeframe. A break below this 4-hour key support will only push the ETH price into a massive sell-off. And we can clearly see this type of sell-off as happened twice in the past!
Final Verdict!
Ethereum is currently trading at a critical support level on the 4-hour timeframe. If the ETH bulls can hold on to this key support, there is a very high probability that we might see a price bounce and rally back higher soon!
However, if this $4k key support gets broken, Ethereum is doomed to sell off even more in the coming days.
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