In our previous Ethereum analysis Get Ready! One Last Pump For ETH Before The Sell Begins, we warned our readers of the potential for us to see one last push-up in price before the ETH sell-off begins.
We also talked about the mini-triangle pattern that was forming and what it might mean for the ETH price in the coming days.
Well, this price prediction played out exactly, we saw a push-up before the sell-off began. However, Ethereum did not get to our exact price targets for these moves.
So in this ETH analysis, we will be updating you on what Ethereum is doing right now as well as the key levels we are keeping a close eye on.
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ETH is About To Test This Key Support Again!
The ETH price is right now about to test a major confluence of support in the 4-hour timeframe.
This $1,684 support region is very important to the Ethereum trend because everything that would happen to this Altcoin price in the next couple of weeks will be directly affected by how the ETH price reacts to this $1,684 key support region.
If the bulls can defend and continue to keep prices above this $1,684 support, then there is a very high probability that we might see a bullish rally in the coming days.
However, if the ETH bears manage to push the ETH prices below this key level, this invalidates our bullish bias and pushes Ethereum into a possible bearish trend.
Final Verdict!
Ethereum is currently testing a major support region in the 4-hour timeframe. We have seen the bulls defend this key level over and over again in the past, the question now is will they be able to do it again?
So right now, we are still watching this $1,684 support zone closely to see what will happen in the coming days.
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