The Ethereum price saw a massive push-up in value after news got released that XRP has just won its court case against the SEC. This court win for XRP had a major ripple in the crypto market causing a quick price surge across multiple cryptocurencies.
For a full break down of the XRP/SEC court case as well as what this win means for the XRP community and the cryptcurrency market in general, check out this article Ripple Triumphs over SEC, Sending Crypto Market Soaring
But for this Ethereum analysis, we will be breaking down how this news affected the ETH price and the key levels we are currently watching in the 4-hour timeframe.
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ETH Trading Back Below This Key Resistance
In our previous Ethereum analysis Urgent! ETH Just Broke Out Of This Key Channel. What Does It Mean? we talked about the $1,977 key resistance has the most important level we need to see the ETH price breakthrough and remain above in the 4-hour timeframe for us to even start considering looking for any bullish trade setup on the Altcoin price.
Well, the ETH price has just dropped back below it, indicating that the bullish momentum from this XRP news might be fading away.
If the ETH bulls don’t manage to push the Altcoin price back above this $1,977 key support, there is a very high probability that we might just see more sellers begin to aggressively move back into the market in the coming days.
What Does This Mean For Ethereum?
Right now, it means that we are not sure about the ETH trend. And for now, we will continue to stand aside as we wait for more price action development in the 4-hour timeframe.
However, the determing factor will largely depend on if the ETH bulls can manage to push the Altcoin price back above this $1,977 key resistance.
If the ETH bulls fail to push the Altcoin back above this resistance, there is a very high probability that we might see Ethereum begin to sell-off again sooner or later.
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