- Ethereum is trading near the $1651 resistance and has the potential to reach the $1700 target.
- Closing below $1651 could trigger a drop towards the $1604 support.
- Closing above $1700 could indicate a rise towards the $1723 level.
In the short-term technical chart of Ethereum, it is observed that the price is trading near the $1651 resistance. If the price continues to close above $1651 for 2 hours, it could target $1700. However, closing below the $1651 resistance could trigger a drop towards the $1604 support. ETH could aim for the $1723 target with closings above $1700.
Medium-Term ETH Analysis
Daily ETH/USD Price Chart
When examining the daily technical chart of Ethereum, it is observed that it is moving sideways in the $1611 – $1655 range. As long as the ETH price is above $1611, it could experience a significant rise towards the important resistance level of $1700.
If the ETH price closes above $1700 on a daily basis, it could target the resistance range of $1762 – $1800. However, for it to reach this resistance range, ETH needs to close above $1700 on a daily basis first.
If ETH closes below the $1611 support on a daily basis, it could extend the downward trend towards the $1549 levels. If it falls below $1549, it could show a downward movement towards the support range of $1448 – $1400.
Short-Term ETH Analysis
2-Hour ETH/USD Price Chart
When examining the short-term technical chart of Ethereum, it is seen that it is trading near the $1651 resistance. If the ETH price continues to close above $1651 for 2 hours, it could aim to continue the upward movement towards the $1700 level.
However, if Ethereum closes below the $1651 resistance for 2 hours, it could extend its drop towards the $1604 support. If ETH closes below the $1600 level for 2 hours, it could continue its downward movement towards the $1580 level.
If ETH closes above $1700 for 2 hours, it could consider the next upward movement towards the $1723 level.
Ethereum Price Prediction: Where Will It Go If It Breaks the $1700 Resistance? news was first published on CoinOtag.
