- If the Ethereum price surpasses the resistance levels mentioned in the analysis, it can continue its upward movement.
- In the bearish scenario, the support levels mentioned can limit Ethereum’s decline.
- Paying attention to daily closings of ETH price is important to determine future movements.
When examining the technical analysis of Ethereum, it can be seen that the price moves between specific resistance and support levels, and focusing on closings is important to determine its future direction.
Medium-Term ETH Price Analysis
When examining the 12-hour price chart of Ethereum, it can be seen that ETH price made its first upward movement by closing above the $1632 level mentioned in the analysis and reached levels of $1678.
ETH price can continue its upward trend as long as it closes daily above the mentioned level of $1632 and can target the level of $1777.
If Ethereum closes daily above $177, it can continue its upward movement towards $1859.
However, if ETH price closes daily below $1632, it can expand the downward movement towards $1597 – $1564 levels.
Short-Term ETH Price Analysis
30 Minute ETH/USD Price Chart
When examining the 30-minute technical chart of Ethereum, it was stated in the shared analysis that ETH price could rise up to $1680 levels.
ETH price can sustain the downward movement towards the range of $1646 – $1636 if it fails to close above the mentioned level of $1685 in the 30-minute timeframe.
If Ethereum encounters buyers from the range of $1646 – $1636 and starts to rise, it will target the level of $1700.
However, for Ethereum to achieve the $1700 target, it needs to close above the level of $1636.
If ETH price fails to hold the support at $1636, it can expand the downward movement to $1624 levels.
