Daily Ethereum Price Prediction (06-Feb): ETH Struggles to Hold $1,623 Key Support!

Ethereum bulls are struggling to hold critical support on the 4-hour timeframe. This $1,623 price range for him has become a very important level to watch, along with minor support and resistance in the Ethereum price in the past.

In previous Ethereum analysis ETH is struggling to break through this major resistance! Now what?Let’s talk a little bit about this $1,623 price range and how it will impact Ethereum trends this week.

In this Ethereum analysis, we go into a little more detail on this $1,623 price range, why it matters, and what the bearish predictions for ETH might look like going forward.

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Can the ETH Bulls defend this critical support?

The Ethereum bulls are still struggling to hold on to this $1,623 price range. And the more ETH price tests this important region, the weaker this level becomes.

The question traders are asking is, “Can the ETH bulls defend this $1,623 support?”

If this level breaks, it is very likely that the altcoin price will drop to the $1,555 price level, and may drop even lower in the coming days.

Therefore, it is important for the bulls to defend this $1,623 price level at all costs if they want to prevent the price of Ethereum from falling further.

Why Didn’t Ethereum Price Rise After the Triangular Breakout?

If you have been following Ethereum price predictions for a few days, you know that Ethereum price turned very bullish after the altcoins formed a triangular pattern on the 4-hour timeframe.

However, altcoins’ bullish breakouts and rises from patterns came to an abrupt end after ETH price failed a major resistance. ETH Bullish Prediction Accurately Executed! Price About to Break This Big Resistance

The failure to break through this key resistance has shown a weakness for the bulls, which the ETH bears will use to try to push the altcoin price down in the coming days.

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