Ethereum Price Prediction: Will it Initiate its Rise from Critical Support?

  • Ethereum is showing buying response from the level of $1661 on the hourly chart; closing above $1661 is crucial for an upward movement.
  • On the daily chart, the movement continues above the support range of $1657 – $1611; daily closes above $1611 could support the target of $1800.
  • Conversely, daily closes below $1610 could expand the downward movement, and if the price closes below $1549, it might target the level of $1445.

When examining Ethereum’s hourly technical chart, it can be observed that it is receiving a buying response from the $1661 level and attempting to move above this support level. If the ETH price can sustain hourly closes above $1661, it might have the potential to aim for the target of $1696.

Medium-Term ETH Analysis

ETHUSDT_2023-08-21_13-39-24

Daily ETH/USD Price Chart

Looking at Ethereum’s daily technical chart, the price continues to move above the support range of $1657 – $1611. If the ETH price can sustain daily closes above the $1611 level, it might aim for an upward movement starting from this support range to reach $1800.

If the ETH price encounters strong buying responses within the $1657 – $1611 support range, it might have the potential to initiate an upward movement from this area. However, if the ETH price makes daily closes below the $1610 level, it could expand the downward trend to the $1549 levels.

If the ETH price accomplishes daily closes below the $1549 level, it might deepen the decline towards the critical daily support level mentioned in the analysis, which is $1445. ETH investors should be cautious, particularly against daily closes below the $1610 level.

Short-Term ETH Analysis

ETHUSDT.P_2023-08-21_14-16-21

1-Hour ETH/USD Price Chart

Examining Ethereum’s hourly technical chart, it can be observed that the price is trying to find support from the $1661 level through a buying response. If the ETH price can maintain hourly closes above $1661, it might carry the potential to execute an upward movement towards the $1696 levels as mentioned in the analysis.

If the ETH price manages to achieve daily closes above $1696, it might set the next target at the level of $1725. However, if the ETH price fails to sustain hourly closes above $1696, it could potentially expand its decline back to the $1661 level.

If the ETH price makes hourly closes below the $1661 level, it could extend the decline to the nearest support level at $1652. Additionally, if ETH registers hourly closes below $1652, it might deepen the downward movement towards the level of $1638, often used to clear long positions.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Liquidation Alert on CEXs: $1.226B Shorts at $114K vs $1.603B Longs at $110K

The latest Coinglass data indicates that if Bitcoin breaches...

Bitcoin Nets 3,057 BTC Inflow to CEX in 24h — Kraken Leads, Binance Posts 832 BTC Outflow

COINOTAG (Sept 9) citing Coinglass data reports a 24-hour...

24,400 ETH Inflows to CEXs in 24 Hours: Binance Leads with 13,100 ETH, Bitfinex & Bybit Follow; Gemini Tops Outflows

COINOTAG reported on September 9, citing Coinglass data that...

Ethereum Liquidation Shock: Coinglass Warns $709M Shorts at $4,400 vs $1.96B Longs if Price Falls Below $4,200

Ethereum short liquidation metrics from Coinglass indicate that a...

MYX Suffers $46.89M in 24-Hour Liquidations, Leading Crypto Market — Coinglass

According to Coinglass data on September 9, the MYX...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img