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Ethereum Could Start Its Rise from This Critical Level! July 24th ETH Analysis

  • In Ethereum’s 3-hour technical chart, it is observed that it encountered buying demand from the important support zone at $1828 and rose above the $1840 support.
  • If the ETH price continues to stay above the $1840 support, it can sustain its upward movement, but if it closes below the $1840 level on a 4-hour basis, the downward trend may strengthen.
  • In Ethereum’s daily technical chart, it is observed that it continues its downward trend by closing below the $1880 support. However, specific supports such as $1815, $1778, and $1749 have critical importance in determining the future direction of the price.

Ethereum’s technical chart shows that the price fluctuates between important support and resistance levels. In the last 3 hours, the price rose with strength from the $1828 support zone and continues to hold above the $1840 support.

Medium-Term ETH Analysis

Daily ETH/USD Price Chart
Daily ETH/USD Price Chart

When the daily technical chart of Ethereum is examined, it is observed that the ETH price continues its downward trend by making daily candlestick closures below the $1880 support.

If the ETH price continues to make daily closures below the mentioned $1880 level in the analysis, it can extend the downward trend to the $1815 levels. However, ETH has a significant support zone at the $1815 level, and the price can start a recovery and rise from this zone.

However, if the ETH price makes daily closures below the $1815 level, there is a possibility of continuing the downward movement towards the daily support range of $1778 – $1749. However, if the ETH price encounters strong buying reactions from the $1778 – $1749 range, it can start its rise from this support zone and reach the $2100 levels.

Investors should carefully monitor the mentioned support and resistance levels for the ETH price and make their trading decisions accordingly. The future movements of Ethereum will be shaped depending on the influence of the $1815, $1778, and $1749 levels.

Short-Term ETH Price Analysis

3-Hour ETH/USD Price Chart
3-Hour ETH/USD Price Chart

When the 3-hour technical chart of Ethereum is examined, it is observed that the price encountered buying demand from the important support zone at $1828 and moved above the $1840 support. Currently, the ETH price is trading around $1851 levels.

If the ETH price continues to stay above the mentioned $1840 support as stated in the analysis, it can sustain its upward movement. However, if it makes 4-hour candlestick closures below the $1840 level, it can extend the downward movement to the support range of $1791 – $1781 mentioned in the analysis.

Especially the crucial level of $1840 support can determine the direction of the price. If the price makes closures below this support, there is a high possibility of continuing the downward trend, indicating to investors that the downward trend may continue. However, if the ETH price encounters strong buying demand from the $1791 – $1781 support range, it can start its rise from this support range and reach the $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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