- Ethereum’s 4-hour technical chart indicates strong buying responses from the support zone between $1586 and $1570.
- If the price maintains the $1570 support, an upward movement towards $1603 and $1636 levels is expected.
- 4-hour candlestick closures above $1636 may target the $1700 level, while closures below $1570 indicate a potential continuation of the decline.
The technical analysis of Ethereum emphasizes that the $1570 level is a critical support and that maintaining this support is important. The price may move upwards with strong buying responses from the range of $1586 to $1570.
MEDIUM-TERM ETH ANALYSIS
When looking at Ethereum’s daily technical chart, it’s observed that the price continues to move above the $1580 level. Previous analyses have emphasized the significance of the $1580 level as a crucial support zone and highlighted that daily closures below $1530 could be used as a stop point.
In recent times, Ethereum’s price seems to be under less pressure, possibly due to the increasing number of institutional investors’ ETF applications. This may indicate that investors are inclined to hold ETH rather than sell it.
As long as Ethereum’s price continues to close above $1530, the initial target could be $1700, followed by a target of $1762. However, if the ETH price closes daily below $1530, the downward movement could extend to $1448.
SHORT-TERM ETH ANALYSIS
When examining Ethereum’s 4-hour technical chart, it’s observed that it has received strong buying reactions from the important support range of $1586 – $1570. This strong buying response from this support range, as previously mentioned in the analyses, could potentially allow ETH to continue its upward trend. In this case, ETH may be expected to rise first to the $1603 level and then to the $1636 level.
If the price of ETH makes 4-hour candlestick closures above $1636, the next upward target will be the $1700 level. However, if ETH continues the downtrend by making 4-hour candlestick closures below $1570, it can extend its decline to $1535.
Therefore, investors should consider the $1570 support as a critical level that requires close monitoring, especially in terms of 4-hour candlestick closures, for ETH to maintain its upward trend.
