Can Ethereum Experience a Drop to $1750 Levels? August 4th ETH Analysis

• When examining Ethereum’s 4-hour technical chart, it is observed that the price is trying to hold onto the $1828 level and if it continues to stay above this level, it may aim to rise towards the blue trend line.
• If the ETH price can maintain its position above the blue descending trend line on a 4-hour basis, it may continue its rise towards the $1910 resistance levels.
• Ethereum’s critical support range is between $1791 and $1775, and if the price encounters strong buying reactions in this range, it has the potential to move towards the $1910 and $2100 levels, starting the upward trend from this level.

When examining Ethereum’s technical chart, it can be seen that the price is moving between critical support and resistance levels. ETH is attempting to initiate an upward trend by holding onto the important support area of $1828, but if it fails to surpass the resistance levels, it may continue the downward trend.

Medium-Term ETH Analysis

When examining Ethereum’s daily technical chart, it can be observed that the price is moving around the $1836 level below the $1880 resistance level. If Ethereum fails to surpass the $1880 resistance, it may continue its downward movement.

The nearest support level is determined as $1815. If the Ethereum price closes below the $1815 level on a daily basis, it may continue its downward movement towards the support range of $1777 to $1749. This support range is of great importance for Ethereum to sustain its upward trend.

If the Ethereum price closes below the $1750 level on a daily basis, it may seek to continue its downward movement towards the $1700 levels. However, if it encounters strong buying reactions from the support range of $1777 to $1749, the ETH price may rise towards the $2100 levels, starting the upward trend from this support range.

Short-Term ETH Analysis

When examining Ethereum’s 4-hour technical chart, it can be observed that the price is trying to hold onto the important support area of $1828. As long as the Ethereum price continues to stay above the $1828 level, it may aim to rise towards the blue trend line.

If the Ethereum price can close above the blue descending trend line on a 4-hour basis, it may continue its rise towards the $1910 resistance levels. However, if the ETH price closes below the $1828 level on a 4-hour basis, the possibility of a downward movement will increase.

Ethereum’s critical support range is between $1791 and $1775. If the ETH price experiences a decline towards this support range, investors can monitor this area as a critical support. If the Ethereum price encounters strong buying reactions from the support range of $1791 to $1775, it may initiate the upward movement from this level and rise towards the $1910 level first, and then towards the $2100 levels.