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ETH Could Start Another Drop If It Fails to Hold Critical Support! Current ETH Analysis

  • Ethereum continues its horizontal movement above the $1717 level on the 4-hour chart.
  • If ETH price closes above the $1717 level, it can extend the uptrend to the $1763-$1777 range.
  • However, if Ethereum closes below the $1717 level, it can continue the downward movement towards the $1682-$1670-$1657 support range.

Ethereum’s technical analysis reveals its horizontal movement on the 4-hour chart and important support and resistance levels.

Medium-Term ETH Price Analysis

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

When examining Ethereum’s 4-hour technical chart, it can be observed that it continues its horizontal movement above the $1717 level.

If the ETH price continues to close above the $1717 level for 4-hour candlesticks, it can extend the uptrend to the $1763-$1777 range.

If Ethereum closes above the $1777 level for 4-hour candlesticks, its next target could be the $1800 level.

However, if the ETH price closes below the $1717 level for 4-hour candlesticks, it can continue the downward movement towards the important support range of $1682-$1670-$1657.

If Ethereum reverses from the $1682-$1670-$1657 range, it can continue the uptrend from this area and reach the $1800 levels.

When the ETH price approaches the $1682-$1670-$1657 support range, long confirmations can be sought at the $1642 level as a stop level.

Ethereum Needs to Break the Hourly Resistance

1 Hour ETH/USD Price Chart

1 Hour ETH/USD Price Chart

When examining Ethereum’s hourly price chart, it can be seen that it is moving above the $1713 level.

If the ETH price makes a move towards the mentioned resistance range of $1736-$1743, short confirmations can be sought with the $1750.33 level as a stop level.

However, if the Ethereum price fails to break above the $1750 level on an hourly basis, it can initiate the downward movement from the $1736 level.

If the ETH price initiates the downward movement from the hourly resistance range, the first target could be the $1698 level, followed by the $1675 level.

The mentioned support and resistance levels should be closely monitored. Candlestick closures above the resistance levels can target the next peak, while breaking the support levels can lead to further downward movement.

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Marisol Navaro
Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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