- Ethereum has experienced a decline because it couldn’t close above the level of $1763 on the 2-hour chart.
- If the ETH price falls below the level of $1724, it can extend its decline to the levels of $1696.
- For Ethereum to sustain its upward trend, it is important for it to surpass the level of $1777 and achieve daily closings.
According to Ethereum’s 2-hour technical chart, the ETH price has not been able to surpass a certain resistance level and has experienced a decline. However, it is observed that Ethereum can continue its upward trend if specific support areas are taken into account.
Medium-Term Ethereum Price Analysis
When examining Ethereum’s 12-hour price chart, it can be seen that the upward movement started from the level mentioned in the previous analysis and the target is the levels of $1777.
The ETH price has continued its momentum by rising 8% from the specified region. At the time of writing, Ethereum is moving at $1743 levels.
Check Out Our Previous ETH Analysis
For Ethereum to sustain its upward trend, it needs to surpass the level of $1777 and achieve daily closings above this region.
Short-Term ETH Price Analysis
2-Hour ETH/USD Price Chart
When examining Ethereum’s 2-hour technical chart, it is observed that the ETH price has experienced a decline because it couldn’t achieve 2-hour candle closings above the level of $1763.
At the time of writing, Ethereum is moving at $1739 levels and the nearest support region is at $1724.
If the ETH price achieves 2-hour candle closings below the level of $1724, it can extend its decline to the levels of $1696.
However, if Ethereum stays above the level of $1696 and continues with candle closings, it may continue its upward movement.
If the ETH price is above $1696, the nearest support region is at $1686. Ethereum can make a sudden and sharp movement towards $1686 levels.
