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In our previous Ethereum analysis ETH Price Bouncing! Is This The Start Of The Rally Or The Right Shoulder? we talked about the $1,668 key support zone in the 4-hour timeframe and warned our readers that this key level is the most important support for the ETH price right now!
Since publishing that article, we have seen the ETH bears try to push the Altcoin price below this 4-hour key support and failed! What does this mean for the Ethereum price and what can we expect next?
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Ethereum Trend Still Undecided!
The Ethereum price is still in no man’s territory right now. There is still a 50/50% chance that the Altcoin price might decide to move in any direction in the coming days.
So for now, we are standing aside as we continue to monitor the Altcoin price development in the 4-hour timeframe.
However, the question traders are asking is can the ETH bulls continue to defend this $1,668 key support region in the 4-hour timeframe?
This support region is the only key level the buyers are currently capitalizing on to try and push the Altcoin higher. And as far as this key support continues to be respected, there is a very high probability that we might see more buying pressure for the ETH price.
Final Verdict!
We are in a complex market right now for Ethereum, and with the U.S Stock earning season just starting, we can expect to see more volatility come into the crypto market.
That volatility is already showing its head with Ethereum with massive pump and dump we saw play out in price, in the coming days, we epect to see more moves like this.
But for the Ethereum price to remain bullish, we need to see the $1,668 key support continue to be respected. A price break back below this key support zone only indicates a potential sell-off for Ethereum.
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