Ethereum Price Playing Out Exactly. Get Ready For This Bounce!
In our previous Ethereum analysis, we identified the $4,099 resistance zone on the 4-hour timeframe and warned our readers of the bearish pressure that was building at that ATHs.
Well, that $4,099 key resistance level held. This makes it the second time the ETH price as gotten to this ATHs price region and failed to breakthrough it.
In this Ethereum analysis, we will be updating you on what the ETH price is doing right now and what we think might be setting up to happen soon!
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Ethereum Testing This Major Support. Get Ready
After failing to break through the ATHs, the Ethereum price sold off. And this time, the ETH price sold-off to a major support zone on the 4-hour timeframe.
We believe that there is a very high probability that we see this $3,729 key support hold and get defended by the bulls in the coming days. A Ethereum price bounce from this region could signify the start of a much more aggressive push to the upside.
So for now, we will be watching this $3,729 key support zone closely to see if the ETH bulls can continue to defend it. A failure to hold onto this $3,729 key support level could signify a growing weakness in the ETH price.
Final Verdict!
Ethereum is testing a critical level right now on the 4-hour timeframe. And how the ETH price reacts to this $3,729 key support would have a major effect on the trend direction for the next few weeks.
If the ETH bulls want to retain control of this market, this $3,729 key support zone must be defended at all costs. A price bounce from this region could easily signify the start of an Altcoin season as the ETH price begins to pump higher
However, a bearish break below this $3,729 key support only indicates weakness in the ETH price and the bears might capitalize on that to push Ethereum even lower.
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