- The short-term chart of Ethereum shows movements close to the $1636 resistance.
- If 4-hour candle closures are made above $1636, the next target could be $1698.
- If Ethereum maintains stability above $1700, it could move towards the $1778 level. However, if it fails to surpass $1636, the downward trend may continue.
The price of Ethereum is currently trading around $1634 and has recorded a rise of more than 0.70% today. If the price can continue to close daily candles above the mentioned level of $1611, it may aim to reach $1700 and $1762 respectively.
MEDIUM-TERM ETH ANALYSIS
Daily ETH/USD Price ChartThe price of Ethereum is currently trading around $1634 and has recorded a rise of more than 0.70% today. If the price can continue to close daily candles above the mentioned level of $1611, it may aim to reach $1700 and $1762 respectively.
If Ethereum can maintain stability with 4-hour candle closures above $1762, it may intend to continue the upward trend towards $1800. However, in order to reach these targets, Ethereum will first need to surpass and hold the $1700 resistance level.
If the price of ETH closes daily candles below $1611, it may continue the downward trend towards $1580 and $1549 respectively. Therefore, investors should be cautious of closures below $1611.
SHORT-TERM ETH ANALYSIS
When we look at the short-term technical chart of Ethereum, we see that the price is making movements close to the $1636 resistance level. If the ETH price can close 4-hour candles above $1636, it may continue its upward movement towards the next resistance level of $1698.
If Ethereum can make closures above $1700 and maintain stability at this level, the next target will be $1778. Therefore, investors should closely monitor 4-hour candle closures above the $1636 level.
However, if the ETH price fails to surpass the $1636 resistance, it may continue the downward trend towards the $1603 support level. If ETH cannot hold the $1603 support, it may extend its decline to the support range between $1586 and $1570.
Therefore, it is important to monitor whether the Ethereum price surpasses the $1636 level and whether it closes above $1700.
