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If Ethereum Can Break Its Critical Resistance, It Will Initiate an Upward Trend! August 2nd ETH Analysis

  • After closing below the $1840 level, Ethereum tried to hold on to the $1828 support and started to rise by closing candles above this support.
  • If the ETH price continues to stay above $1828, it can continue its rise towards the $2100 levels. The first resistance zone is at the $1917 level.
  • An important factor supporting Ethereum’s current rise is the $900 million short liquidation at the $2000 level.

When we examine the 5-hour technical chart of Ethereum, it can be seen that after the candle closes below the $1840 level, a strong hold and upward movement started at the $1828 support. In this analysis, attention is also drawn to Ethereum’s current liquidity situation and main resistance zones.

Medium-Term ETH Analysis

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

When we examine the current technical chart of Ethereum, it can be observed that the price started its upward movement by clearing the short liquidations at the $1915 level. Currently, ETH is moving near the $1880 resistance level.

If the ETH price closes daily above $1880, it can continue its rise first towards the $1917 level and then towards the $1964 levels. However, for Ethereum to reach its main upward target of $2100, it is important for it to close daily above the $1980 level and maintain stability.

If the ETH price closes daily above the $1964 level, it can continue its rise towards the $2023 levels. Many Ethereum investors are expecting ETH to rise to the $2100 level after a daily close above $1880.

However, if the ETH price fails to close daily above the $1880 resistance, it can retrace towards the $1815 levels. Therefore, it is important for investors to carefully monitor the candle closes above support and resistance levels.

Short-Term ETH Analysis

5-Hour ETH/USD Price Chart
5-Hour ETH/USD Price Chart

When we examine the 5-hour technical chart of Ethereum, it can be observed that after closing candles below the $1840 level, it tried to hold on to the $1828 support and started to rise again by closing candles above this support. Currently, ETH is moving between the $1858 – $1840 support.

If the ETH price stays above $1828, it can continue its rise towards the $2100 levels. The first resistance zone before $2100 for Ethereum is at the $1917 level.

Additionally, the fact that there is over $900 million short liquidation at the $2000 level for Ethereum is a significant factor for the price to make an upward movement. Therefore, investors should carefully monitor the movements above the $1828 level.

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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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