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Ethereum Investors Expecting a Drop to Critical Support! August 3rd ETH Analysis

  • In Ethereum’s 4-hour technical chart, if the price closes below the $1840 level, the downward trend may continue towards the support range of $1791 to $1774.
  • Keeping the ETH price above the $1828 support strengthens the possibility of an upward movement, but closing below $1828 can accelerate the decline towards the support range of $1791 to $1774.
  • According to Coinotag analysts, if Ethereum encounters strong buying reactions from the support range of $1791 to $1774, the upward trend can continue from this critical support level up to $2200.

When examining Ethereum’s technical chart, movements below $1840 strengthen the downward trend, while stability above $1828 increases the possibility of an upward movement.

Medium-Term ETH Analysis

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

When examining Ethereum’s daily technical chart, it can be seen that the price continues its downward movement due to its failure to break the significant resistance level of $1880. If the ETH price continues the downward trend with candlestick closures below $1815, Ethereum’s decline can continue to the support range of $1777 to $1749.

However, if the ETH price receives strong buying reactions from the support range of $1777 to $1749, it may want to initiate an upward movement from this support zone. This critical support zone is closely monitored by many Ethereum investors.

If Ethereum encounters strong buying reactions from the support range of $1777 to $1749, it can experience an upward movement towards $2200, starting from this zone.

Therefore, ETH investors should carefully observe the critical support zone. However, if the Ethereum price closes daily above $1880, it will have turned the downward trend into an upward trend. Whether this resistance level can be surpassed or not should also be closely monitored as an important development.

Short-Term ETH Analysis

4-Hour ETH/USD Price Chart
4-Hour ETH/USD Price Chart

When examining Ethereum’s 4-hour technical chart, it can be seen that the price moves below the significant support level of $1840. If the ETH price closes below $1840 on a 4-hour basis, the downward movement can continue to the support range of $1791 to $1774.

However, as long as the Ethereum price remains above the $1828 support, the possibility of an upward movement becomes more dominant. However, closures below the $1828 level can lead us to see the ETH price in the support range of $1791 to $1774.

Coinotag analysts predict that if Ethereum encounters strong buying reactions from the support range of $1791 to $1774, it can experience an upward movement starting from this critical support level up to $2200.

However, if the ETH price closes above $1860 on a 4-hour basis, the expectation of a decline will be canceled. If Ethereum can surpass the $1860 resistance, its next targets will be $1917 and $1962. Therefore, investors should carefully monitor the specified support and resistance 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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