Warning: Ethereum Getting Ready for a Massive Move Soon! Watch This Range for The Breakout
The Ethereum price has been trading sideways for weeks now as the ETH bulls continue to struggle to hold on to the $2,669 major support zone on the Daily timeframe.
This $2,669 key support is very important because it is the last line of defense for the ETH bulls. A failure to hold on to it could easily see us crashing down hard in the coming days.
In this ETH analysis, we will be updating you on the potential price scenarios to watch out for and what we expect to see play out in the coming days.
Start trading BTC,ETH, and a variety of popular cryptocurrencies with leverage as high as 100x on Bybit right now! Sign-up with our Bybit link to claim exclusive rewards of up to 6,045 USDT bonus
ETH Building Momentum for a Massive Move. Will Price Breakup or Breakdown?
As the Ethereum price continues to trade sideways, this is a clear indication that we are seeing massive momentum get built for a coming price move. However, the question is, what direction will this price move take, will we see ETH breakout to the upside or are the bears about to take back control of this market trend?
If the ETH bulls want to regain control of this market and initiate the start of a much more aggressive rally in the coming days, we need to see the Ethereum price breakout from this ranging phase to the upside.
A failure to breakout to the upside can only lead to a Ethereum price breakdown instead. So for now, we are watching this ranging phase develop closely to see what happens.
Final Verdict!
Ethereum is at a critical level right now on the Daily timeframe. The price is testing the $2,669 key support zone and fighting to hold on to it causing the Ethereum price to range and trade sideways.
This ETH sideways trading is an indication of momentum getting built and we believe that the ETH price might be setting up to make a massive move soon. However, how Ethereum breaks out from this current ranging phase will determine the trend direction for the ETH price for the next few weeks.
New to the idea of leverage trading? Check out this article list:
About The Author
