Ethereum Price Forecast: Will it Trigger a Rise to $1800? August 23 ETH Analysis

• In the hourly chart of Ethereum, it can be observed that it is moving close to the resistance level of $1652.
• If the price closes above $1652 on an hourly basis, the upward trend can continue towards the $1696 level.
• If it fails to break the resistance at $1652, the downward trend can continue towards the $1630 level.

In the hourly technical chart of ETH, it is observed that the price is moving close to the resistance level of $1652. If the price can close above $1652 on an hourly basis, it may tend to continue the upward movement towards the $1696 level. However, if it fails to break the resistance at $1652, it may aim to continue the downward trend towards the $1630 level.

Medium-term ETH Analysis

Daily ETH/USD Price Chart

When examining the daily technical chart of Ethereum, it can be observed that it continues its sideways movement within the support range of $1611 – $1655. As long as the ETH price closes above $1610 on a daily basis, it may have the potential to continue the upward trend, and in this case, the target level of $1762 mentioned in the analysis is observed.

However, if Ethereum can close above $1700 on a daily basis, it can further increase the potential for upward movement. If the ETH price fails to close above $1700, the possibility of continuing the downward trend should be considered. Similarly, if the ETH price closes below $1610 on a daily basis, it can extend the downward trend to the $1549 level.

Therefore, it is important for investors to pay attention to the closing prices, especially below $1610. If the Ethereum price can close above the resistance level of $1762 on a daily basis, it is predicted that it can carry the upward movement to the $1800 level.

Short-term ETH Analysis

When examining the hourly technical chart of Ethereum, it can be seen that the price is moving close to the resistance level of $1652. If the price of Ethereum can close above $1652 on an hourly basis, it may tend to continue the upward movement towards the $1696 level.

However, if the ETH price fails to break the resistance at $1652, it may aim to continue the downward trend towards the $1630 level. If Ethereum closes below $1630 on an hourly basis, it can extend the downward movement to the support range of $1615 – $1610.

However, if Ethereum can maintain the support at $1630 and close above it on an hourly basis, it may aim to initiate the upward trend. In this case, the first target is $1652, and subsequently, an upward movement towards $1696 can be observed. Closing prices below $1630 carry the possibility of starting the upward trend from the support range of $1615 – $1610.