- Ethereum’s 4-hour technical chart indicates that the price has continued its upward trend when it surpassed the $1649 resistance.
- However, closures below $1649 could potentially lead the price to drop to the $1602 – $1584 range.
- Daily closures above the $1743 resistance are of significant importance for long-term ETH investors.
Focusing on Ethereum’s 4-hour technical chart, we observe that the price has continued its upward trend by surpassing the $1649 resistance. However, closures below this resistance could potentially cause the price to drop into the $1602 – $1584 range.
MIDDLE-TERM ETH ANALYSIS
When we examine Ethereum’s daily technical chart, Coinotag Analysts noted that in a previous analysis, closing below the $1538 level could potentially pull the price down to the $1448 – $1370 range. However, the ETH price started to rise, encountering strong buying reactions at the $1538 level, and it surged to $1712, providing investors with over 10% in gains.
Coinotag analysts expect ETH to maintain its upward trend by closing above the $1743 daily resistance. If the ETH price manages to achieve daily closures above the $1743 resistance, they suggest that the next target could be the $2100 level. However, if ETH fails to surpass the $1743 resistance, they anticipate a return to the downside, potentially revisiting the $1538 level and even extending to the $1448 – $1370 support range.
Hence, long-term ETH investors should closely monitor daily closures above the $1743 resistance. If the ETH price cannot breach this resistance, it could trigger a resumption of the downward movement.
SHORT-TERM ETH ANALYSIS
When we focus on Ethereum’s 4-hour technical chart, we can see that it has continued its uptrend by surpassing the $1649 resistance. As long as ETH remains above the $1649 level, it aims to sustain the uptrend towards the $1778 level.
However, if ETH’s price makes 4-hour closures below $1649, it could expand the downtrend towards the $1602 – $1584 range. But if the ETH price breaks below the $1649 support to the downside and then recovers to initiate the uptrend again, it may aim to reach the $1778 target.
The Coinotag Analyst team indicates that if ETH approaches the $1602 – $1584 support range, it may tend to start the uptrend from this area. Therefore, they emphasize that this area is a crucial zone for confirming long positions.
