- According to the 4-hour technical chart, ETH dropped to the support range of $1,586 – $1,570.
- If the ETH price manages to close above the $1,570 support level on the 4-hour chart, it could initiate an upward movement towards $1,603 and then $1,636.
- For Ethereum to re-enter the bullish trend, it needs to achieve 4-hour closes above the short-term level of $1,603.
Ethereum (ETH) is consolidating around the $1,580 level. For the price to return to an upward trend, a strong close above $1,603 is crucial. In that case, the next target could be the $1,636 level.
MEDIUM-TERM ETH PRICE ANALYSIS
When we look at the technical chart of Ethereum, it has experienced a downward drop around the $1580 level and is currently trying to hold above this support level. In a previous ETH analysis, it was mentioned that when the price reaches $1580, daily closes below $1530 could be used as a stop point.
As long as ETH remains above $1530, it may initiate an upward movement from this zone, targeting first $1700 and then $1762. However, for ETH to increase its upward potential, it needs to achieve daily closes above the $1700 resistance.
If ETH closes below $1580, it could extend the downward trend towards $1549. Therefore, investors should be cautious about daily closes below $1580.
Short-Term Ethereum (ETH) Analysis
According to Ethereum’s 4-hour technical chart, it has dropped to the previously mentioned support range of 1586 dollars to 1570 dollars. If the ETH price continues to maintain 4-hour closings above the 1570 dollar support level, it can initiate an upward movement from this zone, first targeting the 1603 dollar level and then moving towards the 1636 dollar level.
For ETH to re-enter the uptrend, it is important for it to achieve 4-hour closings above 1603 dollars in the short time frame. If ETH closes daily above the 1603 dollar level, it can carry out an upward movement towards the 1672 dollar level.
If Ethereum surpasses the 1672 dollar resistance, its next target will be 1720 dollars. However, if the ETH price loses the 1570 dollar support, it can extend the downward movement to the 1534 dollar level.
