- Ethereum (ETH) may extend its downward trend to levels around $1780 if it fails to achieve daily candle closes above the $1927 resistance level.
- For ETH to sustain its upward trend, it is important to make a strong close above the $1930 level. In this case, the target levels could be $2000 and $2080.
- According to the hourly chart analysis of Ethereum, the nearest resistance zone is at $1910. If ETH closes above this level, the probability of continuing its upward movement increases.
When examining the current technical chart of Ethereum, it can be seen that the price is facing the $1927 resistance level and moving around $1885. Whether ETH surpasses or stays below the mentioned resistance levels can determine its future movement.
Medium-Term ETH Analysis
When examining the current technical chart of Ethereum, it can be seen that the price is facing selling pressure from the $1927 resistance zone and currently moving around $1885.
If the price of ETH fails to achieve daily candle closes above the mentioned $1927 level, it may extend its downward movement to around $1780. For Ethereum to sustain its upward trend, it needs to make closes above the $1930 level.
If the price of ETH cannot surpass the mentioned resistance line, it can perform the mentioned downward movement in the analysis. However, if ETH breaks the $1930 resistance and makes a strong close above it, the initial target level could be $2000, followed by $2080.
Short-Term ETH Price Analysis
Hourly ETH/USD Price Chart
When examining the hourly technical chart of Ethereum, it can be seen that the price is facing the nearest resistance zone at $1910. If the price of ETH achieves hourly candle closes above the $1910 level, it can continue its upward trend. However, if it fails to close above this level, it may continue its downward movement to around $1858.
The price of ETH will try to hold above the $1858 support because staying above this support level will help maintain the upward trend. However, if it makes hourly candle closes below the $1858 support, it may extend its downward movement to around $1828.
If Ethereum cannot hold above the $1828 support, it will find the next important support level between $1790 and $1770. These levels are support zones where ETH will try to prevent the continuation of the downward trend.
