- There are price movements below the $1603 support.
- ETH is trending downwards towards the $1562 support.
- If it stays below $1611, the downward trend may continue.
Ethereum’s short-term chart is in a downward trend, but it could provide buying opportunities around the $1562 support level. For long-term investors, significant support is located around $1449 – $1372.
MEDIUM-TERM ETH ANALYSIS
When looking at Ethereum’s daily technical chart, it can be observed that the price is currently hovering around $1580, as previously noted in the analysis. In the earlier analysis, it was mentioned that if the price falls below the $1611 level, spot investments would be sold, and trades entered at $1700 were closed with over 7% profit.
In the current situation, there might be potential for Ethereum to rise again if it reclaims the $1611 support. However, if the ETH price continues to stay below $1611, it may want to deepen the downward trend towards the $1449 – $1372 range.
It seems that significant investors in Ethereum are anticipating a drop to the $1449 – $1372 support range. If such a decline occurs, major investors might consider making substantial purchases in this range. Therefore, Ethereum investors should closely monitor the $1449 – $1372 support range for long-term spot purchases.
Short-Term Ethereum Analysis
When examining Ethereum’s 4-hour technical chart, we observe price movements below the $1603 level. If ETH continues to stay below this level, it may extend the downtrend to the $1562 support.
However, if Ethereum’s price receives strong buying responses from the $1562 – $1540 support range, it could rebound from this area and rise to $1670. Therefore, ETH investors should closely monitor the mentioned support zone.
To regain the uptrend, Ethereum needs to close above $1624. Hence, ETH investors should keep a close eye on the support and resistance levels mentioned in the analysis.
