Ethereum can initiate its rise from this support! July 8th ETH Analysis

  • 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

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

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.

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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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