Table of Contents
The Ethereum price just broke below a major support region in the 1-hour timeframe. This bearish breakdown converts this $1,636 key support into new resistance that might work against the ETH bulls to continue pushing the Altcoin lower in the coming days.
In this Ethereum analysis, we will be talking about these bearish price scenarios as well as what Ethereum must do to become bullish again.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Bonus Campaign is now live! You can get up to a $4,450 Bonus and up to 30 days of 0% Maker fee when you sign-up and fund your Bybit account with our Bybit link
Ethereum Bearish Price Prediction!
For the Ethereum bearish prediction to play out, we need to see the Altcoin price to hold and respect this $1,636 new resistance region it is currently trading below in the 1-hour timeframe.
If this resistance holds, there is a very high probability that we might see more sellers begin to come into the market and push the Altcoin price lower in the coming days.
How Can Ethereum Become Bullish Again?
For the Ethereum price to become bullish again, the price will need to break back above this $1,636 key resistance region in the 1-hour timeframe.
A price break back above this key resistance only gives the Ethereum bulls the chance to fight back and try to regain control of the market. So in the coming days, we will be keeping a close eye on the Ethereum price and how it reacts to this key region!
Will this $1,636 resistance level hold and lead to more sell-off for the ETH price or will the bulls regain control and push the Altcoin back above this resistance?
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
