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Ethereum Investors Should Watch These Levels! July 31 ETH Analysis

  • When examining Ethereum’s 5-hour technical price chart, the range between $1858 and $1840 stands out as a significant support zone.
  • If the ETH price closes below the $1840 level in the 5-hour chart, it may continue its downward trend towards the support range of $1791 – $1774.
  • In Ethereum’s daily price chart, the $1880 resistance has been tested several times but couldn’t achieve daily closes, which could signal negative developments.

Ethereum’s technical price chart reveals the importance of support and resistance levels. While the support zone highlighted in the 5-hour chart can help maintain the ETH price, challenges at the resistance level are evident in the daily chart.

Medium-Term ETH Analysis

ETHUSDT-1

Daily ETH/USD Price Chart

Upon examining Ethereum’s daily price chart, it can be observed that the $1880 resistance has been tested several times but couldn’t achieve daily closes. This situation may indicate negative developments in ETH’s price.

If the ETH price fails to achieve daily closes above the $1880 level, it may continue its downward movement towards the $1815 levels mentioned in the analysis. Additionally, if the ETH price achieves daily closes below the $1815 level, it may extend its downward movement towards the support range of $1777 – $1749.

However, Ethereum has a strong support zone between $1777 and $1749. If strong buying reactions are encountered at this support range, the ETH price may initiate its rise from these levels and reach towards the $2100 levels.

On the other hand, if the ETH price achieves daily closes above the $1880 level and establishes its position, the first target could be set at $1960. In this case, the upward trend of the price may strengthen.

Ethereum May Drop to a Critical Level!

ETHUSDT.P-5

5-Hour ETH/USD Price Chart

When examining Ethereum’s 5-hour technical price chart, the range between $1858 and $1840 becomes evident as a significant support zone. After the drop to around $1845 levels, the ETH price recovered and rose to around $1865 levels.

If the ETH price closes below the $1840 level in the 5-hour chart, it may continue its downward movement towards the support range of $1791 – $1774 mentioned in the analysis. However, if strong buying reactions are encountered at this support range, the ETH price may initiate its rise from these levels and reach up to $2000 levels.

On the other hand, if the Ethereum price achieves 4-hour closes above the $1917 level, it may continue its upward trend towards the $1960 resistance level. It’s important to note that there is significant short liquidity at the $1960 level at this point.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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