Ethereum can initiate its rise from this support! July 8th ETH Analysis
ETH/USDT
$37,939,871,804.04
$2,293.99 / $2,068.20
Change: $225.79 (10.92%)
+0.0040%
Longs pay
Contents
- Closures below Ethereum’s $1880 support indicate that this level has turned into resistance.
- If ETH encounters strong buying demand in the $1778 – $1750 support range, it can continue its rise up to $2072.
- Ethereum’s most critical support is at $1828, and closures below this level can extend the downward movement to $1791 support.
In Ethereum’s daily price chart, it can be seen that the $1880 support has turned into resistance and the price is moving between specific support and resistance levels.
Medium-Term ETH Analysis
Daily ETH/USD Price Chart
When examining Ethereum’s daily price chart, it can be seen that the $1880 support has turned into resistance due to daily candle closures below it. As long as ETH continues to close below the $1880 level, the downward movement can continue to $1778 levels.
If ETH encounters strong buying demand in the support range of $1778 – $1750, it can continue its upward movement to $2072 levels. However, if the ETH price closes below the $1748 level on a daily basis, the downward movement can extend to $1720 levels.
Currently, the ETH price is moving around $1862. If the ETH price closes above $1930 on a daily basis, it can continue its upward movement to $2100 levels.
Short-Term ETH Price Analysis
2-Hour ETH/USD Price Chart
When examining Ethereum’s price, it can be seen that it does not perform horizontal movements in the support zone specified in the 2-hour time frame. ETH’s price moves according to the specified support levels in the analysis.
If the ETH price closes below $1840 on a 2-hour basis, it can continue its downward movement to $1828 levels. Ethereum’s most critical support is at $1828, and closures below this level on a 2-hour basis can extend the downward movement to $1791 support.
An important support zone for ETH is located at $1791 – $1773 levels. If Ethereum manages to hold onto this support range and encounters strong buying demand, it can initiate an upward trend from this zone and move towards $1962 levels.