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The upward trend continues for Bitcoin and cryptocurrencies. The most important altcoin, ETH, has experienced a rise of more than 13% in the last week. Will Ethereum continue to rise? What is needed for ETH to rise? Our current ETH analysis is here.
Will Ethereum Continue to Rise? Medium-Term Price Analysis!
When we examine ETH’s weekly price chart, we see that it has experienced a rise of more than 13% in the last week. Ethereum’s closest support level is at $1714.
If the ETH price continues to close weekly candles above the $1714 level, it is believed that it will continue the upward trend. If the ETH price closes below the $1714 level, the next important support level is at $1645.
As long as the support levels mentioned in the analysis and the analysis article continue to be priced above, it is thought that the upward movement will continue up to $2025.
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What is Needed for Ethereum to Continue to Rise?
Yesterday, Ethereum experienced a 7% drop with Bitcoin. Ethereum’s price has been moving sideways between $1714 and $1860 for the past few days.
Although many investors believe that Ethereum’s upward trend has begun, some investors believe that Ethereum will experience a drop to the $1600 price range and then start an upward trend.
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For Ethereum to start an upward trend in a short period of time, it needs to close 4-hour candles above the $1800 level. If the ETH price closes above this $1800 level, the upward movement can continue up to $1911.
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