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- The price of Ethereum experienced a drop to the levels of $1849 after encountering sales from the resistance zone of $1872.
- If the ETH price closes below the level of $1858 on a 4-hour basis, it can continue its downward movement towards the levels of $1828.
- If Ethereum encounters strong buyer reactions from the support levels of $1790 – $1775, it can continue its upward movement from these levels towards the levels of $2080.
The price of Ethereum, after the recent drop, has started to rise again and has retested the broken support level. According to the analysis, the price movement shaped around specific resistance and support zones will determine the future direction of Ethereum.
Medium-Term ETH Analysis
Daily ETH/USD Price Chart
In the past few days, the price of Ethereum dropped to the levels of $1816 by breaking the support at $1880. However, currently, the ETH price has started to rise again and has retested the broken support, reaching the levels of $1880 today.
If the ETH price closes above the mentioned resistance of $1880 on a daily basis, it can continue its upward movement towards the resistance of $1930. Additionally, if it breaks the mentioned resistance of $1930, it can extend its upward movement towards the levels of $2080.
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However, if Ethereum fails to break and close above the resistance of $1930 on a daily basis, it can extend its downward movement towards the mentioned support zones of $1778 and $1750.
Short-Term ETH Analysis
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2-Hour ETH/USD Price Chart
When the 2-hour technical price chart of Ethereum is examined, it encountered sales from the resistance zone at $1872 and experienced a drop to the levels of $1849.
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If the ETH price closes below the mentioned level of $1858 on a 4-hour basis, it can continue its downward movement towards the levels of $1828. Additionally, if the ETH price continues to close below the level of $1828 on a 4-hour basis, it can extend its downward movement towards the mentioned support levels of $1790 – $1775.
If Ethereum encounters strong buyer reactions from the mentioned support levels of $1790 – $1775, it can continue its upward movement from these levels towards the levels of $2080.
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