In a prior review of Ethereum, the heading “Ethereum Rally Continues For The Third day!” was included. But Keep an Eye on This Larger Bearish Pattern, we cautioned our readers about a massive bearish pattern that was emerging in the 4-hour timeframe and how this pattern could foreshadow a potential sell-off for the Ethereum price at some point in the near future or further in the future.
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The sell-off that you mentioned is indeed being reflected in the chart of the Ethereum price right at this very moment. Traders are currently pondering the following query: how far lower do you think we can reasonably anticipate seeing this price trend in the days ahead?
In this analysis of Ethereum, we will be breaking down the major support that the price of Ethereum is present touching and explaining why we feel there is potential for a price bounce from this zone in the days ahead.
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Ethereum Is Getting Close To This Important Support!
The crucial support at $1,343 is the next big level that we are keeping an eye on right now in the 4-hour timeframe for Ethereum. The only level that is currently preventing Ethereum from making any additional progress to the lower is this significant lack of funding.
Traders are currently pondering the following question: “will this critical support at $1,343 hold or will we see the Ethereum bears break through and keep on powering their way to the negative in the following weeks?”
What Ethereum Needs to Do to Put a Stop to the Current Selling!
To put a halt to this Ethereum sell-off, the ETH bulls in the 4-hour time frame need to maintain their position and defend the important support located at $1,343.
There is a very good chance that the price will see a price bounce and a rally back up in the days ahead if it is able to maintain its position above the crucial level of $1,343. If this comeback continues, it will likely signal the conclusion of the recent price drop and set the stage for a possible move to new highs in the weeks to come.
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