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If Ethereum Breaks Its Resistance, It Could Rise to $2100! August 9th ETH Analysis

  • Ethereum showed a strong rise by surpassing the blue trend line after the strong support level.
  • Breaking the $1880 resistance level stands out as a critical step for the future uptrend.
  • In possible declines, the support zone between $1778 and $1749 can reflect the price’s recovery desire.

The latest technical analysis of Ethereum closely examines the uptrend that progresses steadily after strong support levels and the potential beyond the $1880 resistance.

Medium-Term ETH Analysis

Daily ETH/USD Price Chart
Daily ETH/USD Price Chart

When examining the daily technical analysis of Ethereum, it is observed that the price continues the uptrend with the significant support point from the $1815 level. As a result of this movement, Ethereum has reached levels around $1876. In order to predict Ethereum’s future movement, it is of great importance for the price to make solid daily candlestick closures above the critical resistance level of $1880. If this resistance can be overcome, Ethereum’s desire to continue the uptrend may strengthen even further.

If Ethereum price continues to close above $1880 on a daily basis, the first target is highlighted as $1958. After this stage, higher levels such as $2023 can be targeted. The highest target predicted by the analysis is $2100.

However, if Ethereum price fails to break the $1880 resistance level, the downward trend may become more dominant, and the price may decline to the support zone between $1779 and $1749. At this point, strong buying demand coming from the support range of $1778 – $1749 can reflect Ethereum’s desire to start the uptrend again. However, for this support to be effective, the price needs to close below $1815 on a daily basis first.

Short-Term ETH Analysis

4 Hour ETH/USD Price Chart
4 Hour ETH/USD Price Chart

When examining the 4-hour technical analysis of Ethereum, the upward movement coming from a significant support zone stands out, and it is observed that it has shown a strong performance by surpassing the blue trend line mentioned in the previous analysis.

If the ETH price continues to make 4-hour candlestick closures above the mentioned blue trend resistance, it can carry the uptrend up to $1910 levels. If the Ethereum price achieves 4-hour candlestick closures above the $1920 level, it may carry the upward movement towards $1962.

As long as the ETH price holds above the $1828 support, it will intend to maintain the uptrend. However, if Ethereum makes 4-hour candlestick closures below the $1828 level, it may continue the downward movement towards the support range between $1791 and $1778.

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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.
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