Can Ethereum Price Rise to $2000? August 8th ETH Analysis

  • The daily technical chart of Ethereum was supported by daily closes above the $1815 level, which led to its rise to the $1840 levels.
  • Daily closes above $1840 can strengthen the $1880 target and emphasize the need to surpass the important $1880 level for long-term growth.
  • The 4-hour chart of Ethereum shows an upward movement towards the blue trend resistance. However, closes below $1828 can pull the price down to the support range of $1791 – $1777.

The latest technical analysis of Ethereum shows that the price reached the $1840 target by supporting the $1815 level on a daily basis. During this process, daily closes above $1840 can indicate the potential for longer-term growth for Ethereum.

Medium-Term ETH Analysis

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

When examining the daily technical chart of Ethereum, it can be observed that the price held the support level by making daily closes above $1815. Following this, Ethereum made its upward movement to the $1840 levels.

If the ETH price makes daily closes above $1840, the next target stands out as $1880. For Ethereum to initiate a strong upward trend, it needs to make daily closes above the $1880 level.

If the Ethereum price achieves daily closes above the $1880 level, it can first move its rise to the $1958 level and then target the $2000 levels. However, if ETH makes daily closes below $1815, there is a possibility of continuing its decline towards the support range of $1778 – $1749 as mentioned in the analysis.

Short-Term ETH Analysis

4-Hour ETH/USD Price Chart
4-Hour ETH/USD Price Chart

When examining the 4-hour technical chart of Ethereum, it can be observed that the price continues its upward trend and touches the blue trend resistance mentioned in the previous analysis. If the Ethereum price achieves 4-hour closes above the mentioned blue line, it has the potential to move its rise to the $1910 levels.

As long as the Ethereum price holds above the $1828 level, it may maintain its upward trend. If ETH surpasses and achieves 4-hour closes above the blue trend line, it can show an upward movement towards the $1880 levels.

However, if the Ethereum price makes 4-hour closes below $1828, the possibility of a decline becomes more prominent, and the price may continue its downward movement towards the support levels of $1791 and $1777.

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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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