If Ethereum (ETH) can hold above the level of $1738 on an hourly basis, it has the potential to continue its upward trend.
The US inflation news could cause a sudden drop in ETH price and a decline to the support level of $1738.
If ETH fails to maintain its support at $1738, the downward movement could expand to the level of $1720.
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According to Ethereum’s hourly price analysis, holding above the level of $1738 could support the upward trend, but the US inflation news could cause a sudden drop in price.
Medium-Term ETH Technical Analysis
8 Hourly ETH/USD Price Chart
When Ethereum’s medium-term price chart is examined, it can be seen that ETH continues to maintain its support at $1717.
If the ETH price continues to hold above the support level of $1717, it can continue its upward movement towards the level of $1779.
However, if ETH fails to break the resistance level of $1779 and does not close at this level on a daily basis, it could retreat to the level of $1717, starting the downward movement from the level of $1779.
If the ETH price closes below the level of $1717 on a daily basis, it could expand the downward trend to the level of $1686.
On the other hand, if ETH breaks the resistance level of $1779 and closes on a daily basis, it has the potential to continue its upward movement towards the level of $1800.
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In summary, according to Ethereum’s medium-term price analysis, the support level of $1717 should be monitored as an important level, and closing above the resistance level of $1779 could support the continuation of the upward trend.
Short-Term ETH Technical Analysis
1 Hourly ETH/USD Price Chart
When Ethereum’s hourly price chart is examined, it can be seen that if ETH closes above the level of $1738 on an hourly basis, it has the potential to continue its upward trend.
The US inflation news, which will be announced today, could cause a sudden drop in ETH price and pull it back to the support level of $1738.
If ETH continues to hold above the level of $1738 on an hourly basis, it could aim to continue its upward movement towards the mentioned level of $1779.
However, if ETH fails to maintain its support at $1738, it could expand the downward movement to the level of $1720.
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In summary, according to Ethereum’s hourly price analysis, the level of $1738 should be monitored as an important support point, and holding above this level could support the upward trend.
