In our previous Ethereum analysis, ETH Flag Pattern Invalidated What Now? Get Ready For Another Surge? we talked about a potential price surge in Ethereum. We warned our readers that the bullish rally is far from over and that this price surge might take the ETH price back to the $1,778 previous high.
Well, that bullish prediction played out exactly! And right now, we are seeing the Altcoin trade above this $1,778 price level. However, the question many traders are asking is;
Does the ETH price still have any juice left to keep on pushing higher in the coming days, or are we already over-extended to the upside?
Well in this Ethereum analysis, we will be breaking down the key support region the ETH bulls must defend if we want to see this bullish rally in Ethereum continue into next week.
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ETH $1,669 Key Support Zone!
The ETH $1,669 price level has served as a key support and resistance zone for the ETH price on numerous occasions in the past. This 4-hour key zone is very important to the ETH bulls right now because we need to see it hold for this ETH bull run to continue!
If this $1,669 key support holds, there is a very high probability that we might see the ETH price bounce and begin to rally to the next bullish target of $2,006.
So for now, we are keeping a close eye on this $1,669 key support region in the 4-hour timeframe to see if the ETH bulls can continue defending it into next week.
Final Verdict!
We are still very bullish on Ethereum and believe there is still enough room to the upside for us to see a potential price rally into next week.
However, the key level we are currently watching is the $1,669 key support level in the 4-hour timeframe. We want to see this price region hold and continue to be respected by the ETH bulls for this bullish rally to continue.
So the question now is can the ETH bulls continue to hold on to this $1,669 support zone?
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