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- Ethereum is currently in a resistance zone on its hourly chart and may show a downward trend if it does not close above the $1880 level.
- If it turns around from the support range of $1811-$1798, ETH can start an upward movement and advance to the $1930 levels.
- For ETH to continue its upward trend, it is important to rise above the $1880 level.
When examining Ethereum’s hourly price chart, we observe that it is in a resistance zone. ETH’s closings at certain levels and its reversal from the support range can sustain the upward movement. However, the price needs to surpass a certain resistance.
Medium-Term ETH Price Analysis
8 Hour ETH/USD Price Chart
When examining Ethereum’s 8-hour price chart, it is seen that it remained above the support range of $1811-$1828 mentioned in the previous analysis. In this case, the ETH price has reached the $1865 levels with a 3.28% upward movement.
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Click here to see our ETH analysis that gained 3.28%.
If Ethereum can make daily candlestick closings above the $1828 level, it may have the potential to continue the upward movement.
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The nearest resistance level for ETH is at the $1892 region. If Ethereum manages to close daily candlesticks above the $1892 level, it can continue the upward trend to the $2000 levels mentioned in the analysis.
Short-Term ETH Price Analysis
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1 Hour ETH/USD Price Chart
When examining Ethereum’s hourly price chart, it is seen that it is currently in a resistance zone in the short term.
If ETH does not make hourly candlestick closings above the $1880 level, it may start a downward movement from this zone and decline towards the $1811 levels.
Ethereum can start an upward movement from the support range of $1811-$1798 mentioned in the analysis and advance towards the $1930 levels.
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For ETH to sustain its upward movement, it needs to rise above the $1880 level.
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