This morning, the Ethereum 1-hour time frame experienced a dramatic drop in price. After testing and being massively rejected at a major trend line that has been keeping prices down for months, the Altcoin price plunged.
However, investors are wondering how low prices may fall before the bulls return.
In this Ethereum analysis, we’ll examine the major support region where the price of Ethereum is presently trading (around $1,501) and explain why there’s a good chance that this level will hold in the days ahead.
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To the $1,501 Ethereum Community: Crucial Backing!
In the past, this crucial support has prevented Ethereum’s price from falling any further, and in the days ahead, bulls will likely exploit it to push the price back up.
For the bulls, the $1,501 area is crucial support because a breakdown there would likely lead to further price drops and a continuation of the bear trend that has been in effect since last month.
If, however, the support at $1,501 holds, Ethereum might experience a significant rebound from this area as bulls re-enter the market.
It’s possible that the ETH bulls’ rally could be so strong that the Altcoin price will break past its previous highs and set a new record in the days to come.
The key question today is whether or not $1,501 will continue to act as support.
There is hope that the Ethereum market downturn is nearing an end. At the moment, the critical support zone around $1,501 on the 1-hour chart is where all eyes are focused.
If this critical support holds, the Ethereum price could experience a dramatic increase in the next days.
If the price of Ethereum drops below the zone of support, though, it could continue its precipitous decline.
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