Ethereum had a nice rally this past few days and gave hope of a major breakout. However, today’s price action has re-set ETH back to $4,000 ending the past seven days in green at only 3%.
The $4000 level is also key support, and it would be surprising to see ETH close below it. Bulls are likely to defend it well and may not allow ETH to drop further outside of a wick.
The resistance sits at $4,500, and it might take a while for bulls to push the price back there as the crash from today has been significant at over 10%. Looking ahead, ETH seems likely to consolidate around the key support level before bulls gather strength for another push higher. Until then, watch out for the bears as they may attempt another try at breaking the $4,000 support.
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The $4000 level is also key support, and it would be surprising to see ETH close below it. Bulls are likely to defend it well and may not allow ETH to drop further outside of a wick.
The resistance sits at $4,500, and it might take a while for bulls to push the price back there as the crash from today has been significant at over 10%. Looking ahead, ETH seems likely to consolidate around the key support level before bulls gather strength for another push higher. Until then, watch out for the bears as they may attempt another try at breaking the $4,000 support.
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