continues its downward trend, moving near the 1828$ levels.
- For the upward movement to begin, Ethereum needs to encounter strong buying at the 1811$ – 1828$ range.
- Candlestick closures above the 1810$ level are critical for the continuation of the upward trend.
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When examining Ethereum’s current price chart, it is seen that it continues its downward trend and certain levels are important for the upward movement. In this article, we will analyze Ethereum’s current situation and possible scenarios.
Medium-Term Ethereum Analysis!
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8 Hour ETH/USD Price Chart
When examining Ethereum’s 8-hour price chart, it is seen that it moves near the 1828$ levels and trades at 1860$ levels.
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In technical analysis, it is observed that Ethereum continues its downward trend. When examining at which level it needs to encounter buyers for the upward movement to begin, it is revealed that the range of 1811$ – 1828$ is an important support zone.
If Ethereum encounters strong buying from this support range, it can start the upward movement from this zone and target the 1940$ level.
ETH will want to continue its upward movement up to 2000$ levels as long as it makes 4-hour candlestick closures above the 1810$ level.
However, if Ethereum closes daily candles below the support level of 1810$, it can expand the downward movement towards the 1760$ levels.
Short-Term Ethereum Price Analysis!
Hourly ETH/USD Price Chart
When examining ETH’s technical chart, the short position we shared in our previous ETH analyses continues in the short term. The ETH short position has currently yielded more than 3.50% for our readers.
When examining Ethereum’s current technical chart, it is seen that it needs to make hourly candlestick closures above the 1887$ level to start the upward trend.
As long as ETH cannot rise above the 1887$ level, it can continue the downward movement up to 1830$ levels.
The support zones that Ethereum investors should pay attention to are the range of 1823$ – 1793$. These levels should be followed as potential support points in case of a price drop.