- Ethereum (ETH) price is trading above $1624, and 4-hour closures above this level point to a target of $1672.
- However, if ETH closes below $1603, it could drop towards $1562.
- On the daily chart, it bounced from the $1611 level, but closures below this level could result in a 7% profit from the September 22 trade.
The price of Ethereum is in an upward trend when trading above $1624, but a close below $1603 could trigger a decline. The level of $1611 is important and should be closely monitored.
Medium-Term ETH Analysis
When we examine Ethereum’s daily technical chart, we can observe a strong bounce from the previously mentioned level of $1,611, and the price has returned to $1,641.
If the ETH price closes below $1,611 on a daily basis, the spot investment made on September 22nd could end with a 7% profit. However, if ETH continues to trade above $1,611, we consider a new target of $1,815.
If the ETH price closes below $1,611, it may expand the downward movement first towards $1,580, and then towards $1,549. If the ETH price closes below $1,549 on a daily basis, it could deepen the downtrend to $1,450.
However, if the ETH price continues to close daily above $1,611, the initial upside target could be $1,615, and then it could advance to $1,958. Ethereum investors are advised to closely monitor these critical support and resistance levels.
SHORT-TERM ETH ANALYSIS
When examining the current technical analysis of Ethereum (ETH), we observe a rise of approximately 3.69% starting from the $1,603 level. As of the time of writing, ETH is trading above the $1,624 support.
As long as ETH continues to maintain 4-hour candle closes above $1,624, it may aim for the next resistance level at $1,672. If ETH can achieve daily closes above $1,672, the next upward target could be $1,698.
However, if Ethereum’s price drops below $1,603 with 4-hour candle closures, it might extend its downward trend towards $1,562. Therefore, ETH investors should closely monitor the levels mentioned in this analysis.
