Warning, the recent ETH bull run might be coming to an end! The price of the Altcoin is currently trading around a key resistance in the 4-hour timeframe.
The last time the Ethereum price got to this $3,204 horizontal level in the 4-hour timeframe, we saw a massive sell-off in the Altcoin pushing Ethereum back down. And right now, the Ethereum price has rejected from this level again!
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Watch This $3,204 Key Level
The key level we are currently watching is the $3,204 resistance in the 4-hour timeframe. As far as Ethereum continues to trade below this key level, there is a very high probability that we might see the Altcoin continue to trend lower in the coming days.
This level is very important for the Ethereum bulls because a price breakthrough would push Ethereum back into the ascending channel pattern we broke out of earlier this month.
Bearish Target!
Our bearish target is the $2,500 price region. There is a very high probability that we might see the Ethereum price trend to this lows in the coming days before finding support again.
Final Verdict!
Ethereum is currently rejecting a key level in the 4-hour timeframe. If this $3,204 resistance holds, there is a very high probability that we might see a more bearish price movement for the Altcoin in the coming days.
But for this bearish prediction to remain valid, the $3,204 key resistance must hold. A break of this 4-hour key resistance invalidates our bearish bias.
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