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The Ethereum price just broke through a major resistance level in the 4-hour timeframe. This $1,697 price level has served as key resistance for the ETH bulls these past few days and by breaking through it, the Ethereum bulls just indicated they are back in control!
In this Ethereum analysis, we will be breaking down the key levels we are currently watching in the 4-hour timeframe as well as the likely bullish scenario that might play out in the coming days.
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The Most Important Level For Ethereum Right Now!
The most important level for the Ethereum bulls right now is the $1,697 key price level in the 4-hour timeframe. By breaking through this key level, the Ethereum Bulls successfully converted this price into key support!
And in the coming days, we might see a further push and rally in price as more buyers begin to re-enter the ETH market.
However, this Ethereum bullish prediction can only remain valid if the ETH price respects and continues to trade above the $1,697 key support in the 4-hour timeframe.
A price break below this key support only pushes Ethereum back into bearish territories again.
Ethereum Bullish Prediction!
If this bullish prediction plays out, there is a very high probability that we might see a +26% surge in the value of Ethereum in the coming days!
The key level we are watching for the ETH price to head to is the $2,165 resistance region in the 4-hour timeframe.
The Ethereum price has found it difficult to break through this region in the past and might test it again in the coming days as the bulls try again to break through.
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