- In Ethereum’s 4-hour technical chart, it can be seen that the $1858 support level is important and the price is moving horizontally above this support.
- If the ETH price continues to stay above the $1858 – $1840 support, it can rise back up to $1980, but it needs to break the $1830 resistance first.
- In Ethereum’s daily technical chart, it is noted that it is moving near the $1880 level. If the price closes below this level on a daily basis, the downward trend may continue and the $1817 – $1749 range can be observed as important support zones.
According to Ethereum’s technical analysis, the $1858 support and $1880 resistance are important levels. How the price will surpass these support and resistance levels will determine the short-term movement of ETH.
Medium-Term ETH Analysis
Daily ETH/USD Price ChartWhen examining Ethereum’s daily technical chart, it can be seen that the price is moving near the $1880 level. At the time of writing, the ETH price is trading around $1890. However, if it closes below $1880 on a daily basis, the downward trend may continue.
If the Ethereum price closes below $1880 on a daily basis, the downward trend will continue and it may first drop to the $1817 level. If the ETH price continues to close below the $1817 level on a daily basis, the downward target will be the $1778 – $1749 range.
However, if Ethereum encounters strong buying reactions in the $1778 – $1749 range, it can initiate an upward trend from this area and rise up to $2300. ETH whales have filled the order book with strong buy orders in the $1778 – $1749 range.
If the Ethereum price closes below the $1749 level on a daily basis, it can continue the downward movement and retreat to the $1700 support.
Short-Term ETH Price Analysis
When examining Ethereum’s 4-hour technical price chart, it is observed that the price continues to move horizontally above the $1858 support. If the ETH price remains above the $1858 – $1840 support, it can rise back up to $1980. However, before reaching the $1980 target, ETH needs to close above the $1830 resistance on a 4-hour basis.
If the Ethereum price fails to close above the $1830 resistance on a 4-hour basis, it can extend the downward movement to the $1858 – $1840 support. If ETH closes below the $1840 support on a 4-hour basis, the downward movement can continue to the $1791 support.
Another important support for ETH is in the $1791 – $1777 range. If the Ethereum price encounters strong buying in this support zone, it can continue its rise from this area and reach $1980.
