In our previous Ethereum analysis we talked about the major support zone that has been respected over and over again for the past 5 years now and how the ETH price might be getting ready to push lower to test this key zone again.
Well, since publishing that TA, we have seen the Ethereum bears dominate the market, pushing the Altcoin price lower exactly as predicted.
In this Ethereum analysis, we will be going a step further and breaking down the bullish bounce we want to see begin to play out once this ETH selling pressure fades, and how much lower we expect the ETH price to go before this bullish bounce comes into effect.
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ETH $1,000 Key Support Zone
The Ethereum buyers are currently sitting around the $1,000 key support zone on the Daily timeframe. This support zone is very important because it has held since early 2022. And in the coming days, the ETH price will be testing it again.
So in the coming days, we expect to see the ETH price continue to sell-off towards the $1,500/$1,000 price region before we begin to face any major resistance from the Ethereum buyers.
Right now, Ethereum is still trading around the $1,900 price region, meaning there is still more room to the downside possible for the Altcoin price in the coming days.
Final Verdict!
The Ethereum bears are still in full control of this market and in the coming days, we expect to see more selling pressure continue to pour into Ethereum as the price push lower.
We expect to start seeing major resistance from the ETH bulls around the $1,500/$1,000 price region. This means there is still a bit of room for the Ethereum price to still crash.
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