- Ethereum continues to close daily candles below the $1630 resistance on its daily technical chart.
- If ETH cannot achieve daily candle closures above the $1630 level, the bearish movement could persist.
- If Ethereum whales allow daily candle closures below the significant support zone of $1538, the downward movement could extend to the support range between $1448 and $1370.
Ethereum maintains a bearish trend in its daily technical chart. If it fails to secure daily candle closures above the $1630 resistance, the downward movement could extend to the support range between $1448 and $1370.
MIDDLE-TERM ETH ANALYSIS
When we examine Ethereum’s daily technical chart, we can see that it continues to close candles below the $1630 resistance. If the ETH price cannot achieve daily candle closures above the $1630 level, the downward movement could persist.
If Ethereum whales allow daily candle closures below the significant support area of $1538, the downward movement may extend towards the support range between $1448 and $1370. Therefore, it’s crucial for ETH not to lose the $1538 support.
If the ETH price reaches the support range between $1448 and $1370, this could be an opportunity for long-term spot investments. However, if ETH closes candles below the $1370 support, it could extend the downward movement to $1324. Thus, ETH investors should consider implementing a staggered buying strategy.
Short-Term ETH Analysis
When examining Ethereum’s price movements on the lower timeframes, there is a possibility of a decline towards the important support range of $1530 to $1515. Especially clearing the accumulated long liquidity at the $1515 level could be beneficial in case of a decline.
Therefore, there is a probability of a drop to the $1530 to $1515 support range, and even below $1515 in Ethereum’s price. However, if Ethereum’s price encounters strong buying reactions from the $1530 to $1515 support region, it could resume its ascent towards the $1580 level.
If Ethereum’s price fails to achieve 4-hour candle closures above the $1604 level, it may continue the descent, potentially reaching the $1436 level as mentioned in the analysis. Hence, Ethereum investors should exercise caution in their long positions.
