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Can Ethereum Experience a $1800 Drop? July 23rd ETH Analysis

  • Ethereum has fallen below the $1840 support level on its 3-hour technical chart, but has rebounded to the $1873 level with strong buying response.
  • If the ETH price closes below the $1840 support level on a 3-hour basis, it could extend its decline to the $1791 – $1781 range.
  • If Ethereum encounters strong buying response from the $1791 – $1781 support range, it can continue its rise to the $2000 level. Similarly, if there are closures below the $1780 level, the downward movement can expand towards the $1734 level.

According to Ethereum’s technical analysis, the drop below the $1840 support level and the subsequent strong buying response are noteworthy. In our article, we have examined the critical support and resistance levels of ETH and discussed possible scenarios. Investors can take informed steps for future movements by monitoring these important levels.

Medium-Term ETH Analysis

Daily ETH/USD Price Chart
Daily ETH/USD Price Chart

When examining Ethereum’s daily technical chart, it can be seen that it continues its downward trend by closing daily candles below the important support level of $1880. As long as the ETH price continues to close below $1880 on a daily basis, it can sustain its downward movement to the $1815 level.

There is a high degree of long liquidity for Ethereum at the $1815 level. If the ETH price continues to close below the $1880 level on a daily basis, it can sustain its downward trend to liquidate long positions at the $1815 level.

Ethereum’s important support range is between $1778 – $1749. If the ETH price drops to this support range, long-term spot investments can be considered. If Ethereum encounters strong buying response from the $1778 – $1749 support range, it can continue its rise to the $2023 level first, and then to the $2200 level.

Short-Term ETH Analysis

3-Hour ETH/USD Price Chart
3-Hour ETH/USD Price Chart

When examining Ethereum’s 3-hour technical price chart, it can be seen that it briefly dropped below the $1840 support level but quickly rebounded to the $1873 level with strong buying response.

The ETH price is currently showing movement near the $1858 – $1840 support level. If Ethereum closes below the $1840 support level on a 3-hour basis in the coming hours, it can extend its decline to the $1791 – $1781 range.

However, if the ETH price encounters strong buying response from the $1791 – $1781 support range, it can continue its rise starting from this range to the $2000 level. If the Ethereum price closes below the $1780 level on a 3-hour basis, it can carry out its downward movement towards the $1734 level.

Strong buying response from the $1734 level for Ethereum can lead to a rise towards the $2200 level. Ethereum investors should carefully monitor the important support and resistance levels mentioned in the analysis.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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