Ethereum Could Initiate its Rise from This Support! July 8th ETH Analysis

  • The closing below the $1880 support indicates that this level has turned into resistance for Ethereum.
  • If ETH encounters strong buying pressure within the $1778 – $1750 support range, it could continue its rise towards the $2072 level.
  • The most critical support for Ethereum is at $1828, and closing below this level could extend the downward movement to the $1791 support.

On the daily price chart of Ethereum, it can be observed that the $1880 support has turned into resistance, and the price is moving between specific support and resistance levels.

Medium-term ETH Analysis

ETHUSDT-1

Daily ETH/USD Price Chart

Upon examining the daily price chart of Ethereum, it can be seen that the $1880 support has turned into resistance due to daily candlestick closes below this level. As long as ETH continues to close below $1880, the downward movement could extend to the $1778 level.

If ETH encounters strong buying pressure within the mentioned support range of $1778 – $1750, it could continue its rise towards the $2072 level. However, if ETH closes below $1748 on a daily basis, the downward movement could expand to the $1720 level.

Currently, ETH is trading around $1862. If ETH closes daily candlesticks above $1930, it could sustain its upward movement towards the $2100 level.

Short-term ETH Price Analysis

ETHUSDT.P-2

2-hour ETH/USD Price Chart

Upon analyzing the price of Ethereum, it can be observed that it is not displaying sideways movement within the indicated support zone on the 2-hour timeframe. ETH’s price is following the movements according to the mentioned support levels in the analysis.

If ETH closes below $1840 on a 2-hour basis, it could extend the downward movement towards the $1828 level. The most critical support for Ethereum is at $1828, and closing below this level on a 2-hour basis could expand the downward movement to the $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 pressure, it could initiate the upward trend from this zone and progress towards the $1962 level.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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