spot_imgspot_imgspot_img

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

spot_imgspot_imgspot_imgspot_img

Latest News

Fed Agenda in the Bitcoin Market: According to Bianco, Interest Rates Won’t Be Lowered Before This Date!

What will the Federal Reserve do in its next move? According to Bianco's research, there may not be an interest rate cut before September!

Bitcoin and Altcoin Investment Products Witness $5.7 Billion Inflow!

Bitcoin and cryptocurrency investment products recorded a massive influx of funds, with increasing demand for Spot Bitcoin ETFs leading the way!

MicroStrategy Acquires 3,000 Bitcoin: Latest Status of the Company’s Assets!

Michael Saylor announced that MicroStrategy company purchased Bitcoin. The company's total assets exceeded 190K BTC.

Historic $1.3 Billion Bitcoin Transaction Sparks Debate on Crypto Valuation

A recent colossal Bitcoin transaction has reignited discussions about Bitcoin's valuation, comparing historical trades and pondering the future of currencies in the digital age.

Ethereum Dencun Upgrade is Approaching: Which Layer 2 Tokens Stand Out?

With Ethereum's Dencun upgrade approaching, tokens of Layer-2 DeFi platforms on Ethereum have started to gain attention.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Fed Agenda in the Bitcoin Market: According to Bianco, Interest Rates Won’t Be Lowered Before This Date!

What will the Federal Reserve do in its next move? According to Bianco's research, there may not be an interest rate cut before September!

Bitcoin and Altcoin Investment Products Witness $5.7 Billion Inflow!

Bitcoin and cryptocurrency investment products recorded a massive influx of funds, with increasing demand for Spot Bitcoin ETFs leading the way!

MicroStrategy Acquires 3,000 Bitcoin: Latest Status of the Company’s Assets!

Michael Saylor announced that MicroStrategy company purchased Bitcoin. The company's total assets exceeded 190K BTC.