- Ethereum (ETH) finds strong support in the range of $2304 – $2284 on the 2-hour chart.
- Staying at these levels presents the potential for ETH to rise up to $2475.
- Investors can consider taking long positions on a drop to the support range of $2304 – $2284.
The technical analysis of Ethereum highlights prominent support levels on the 2-hour chart. The price staying above these supports creates a strong buying potential, indicating an upward movement towards $2475.
Medium-Term ETH Analysis
According to the 3-day technical chart of Ethereum, ETH price has experienced a more than 5% increase today by surpassing the $2140 resistance. As long as ETH remains above $2140, it may continue its upward movement towards the resistance range of $2500 – $2632.
If the ETH price achieves weekly closures above $2630, the next target could be $2950. Therefore, ETH investors may consider the upward trend to persist as long as price movements above $2140 continue.
In the event of a recent drop in ETH price to the range of $2140 – $2170, spot purchases may be considered for the $2500 target. Additionally, if Ethereum falls to the $2070 level, additions to spot investments could be made.
Will Ethereum Sustain Its Upward Trend? Short-Term ETH Analysis
According to the 2-hour technical chart of Ethereum, the range of $2304 – $2284 stands out as a significant support zone. If the ETH price drops to this support range, it may sustain its uptrend up to $2475 with a strong buying response.
In this scenario, ETH investors can consider taking long positions if the price falls to the $2304 – $2284 support range. However, if the ETH price closes below $2235, swing long trades initiated from this zone should be halted.
In the event of Ethereum’s continuation of the upward trend, altcoins in the ETH ecosystem may experience increases of more than 15%.
