Ethereum Price Analysis: Critical Level Determined for Upward Movement

• Ethereum (ETH) continues to move in a horizontal channel on the 2-hour price chart.
• If ETH can close above the $1747 level for 4 hours, there is potential for a rise towards the $1778 levels.
• However, if ETH closes below the $1747 level, the downward trend may continue towards the $1717 level.

When examining Ethereum’s price chart, it can be seen that ETH continues to move in a horizontal channel. If it can close above the $1747 level for 4 hours, it may bring potential for a rise in ETH’s price.

Medium-Term Ethereum Price Analysis

Daily ETH/USD Price Chart

When examining Ethereum’s daily price chart, it can be seen that ETH is moving horizontally above the $1717 level.

ETH’s price may continue its upward trend as long as it continues to close above the important support level of $1717 on a daily basis.

The nearest resistance level is set at $1777. If ETH’s price surpasses this level, its next target may be towards the $1800 levels.

However, if Ethereum’s price cannot close above the $1800 level on a daily basis, it may attempt to continue its downward movement towards the $1717 level.

As long as ETH remains below the $1800 level, the target of the downward trend will be at the $1680 levels.

Short-Term ETH Price Analysis

2 Hour ETH/USD Price Chart

When examining Ethereum’s 2-hour price chart, it can be observed that ETH continues to move in a horizontal channel.

If ETH’s price can close above the $1747 level as mentioned in the analysis for 4 hours, it may continue its rise towards the $1778 levels.

However, if ETH’s price continues to close below the $1747 level, the downward trend may be considered to continue towards the $1717 level.

The $1747 level is an important point for ETH’s short-term price movements. If ETH’s price remains above the $1747 level, it may be possible to focus on the upward trend.

However, if ETH continues to remain below the $1747 level, the likelihood of downward trend movements continuing is high.