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

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

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.