Is Ethereum’s New Target $2100? July 16th ETH Analysis

  • Ethereum wants to maintain sustainability above the $1930 level, which can support the upward trend.
  • If ETH closes below $1930 on a 4-hour basis, it can trigger a downward movement and continue until the $1858 level.
  • If the ETH price makes daily candlestick closures above $2023, the next target could be the resistance range of $2070 – $2100.

The current analysis of Ethereum focuses on its performance above the $1930 level and emphasizes the possibility of continuing the upward trend. However, it is important not to forget the movements below critical support levels.

Medium-Term ETH Price Analysis

Daily ETH/USD Price Chart

Daily ETH/USD Price Chart

When we examine the daily technical chart of Ethereum, we observe that it experienced a downward movement from the $2023 level and reached the $1900 levels due to selling pressure, resulting in a 6% decrease from the resistance level.

Click Here to Review Our Previous ETH Analysis.

As a reminder of our previous Ethereum (ETH) analysis, ETH needed to make 4-hour candlestick closures above the $2023 level to continue its upward movement.

When we examine the current technical chart, we observe that Ethereum is attempting to close candles above the intermediate support zone of $1930. If the ETH price continues to make daily candlestick closures above the $1930 level, it can continue its upward movement towards the $2025 level.

If the ETH price makes daily candlestick closures above the $2023 level, the next target will be the resistance range of $2070 – $2100. If the ETH price makes daily candlestick closures above the $2100 level, it can continue its target up to the $2125 level.

Short-Term ETH Price Analysis

4-Hour ETH/USD Price Chart

4-Hour ETH/USD Price Chart

When we examine the short-term technical chart of Ethereum, as we mentioned in the previous ETH analysis, we stated that it would aim to continue its upward movement towards the $2023 level as long as it stays above the $1840 level.

The ETH price managed to stay above the mentioned $1840 level and provided our readers with a gain of more than 8%.

Click Here to Review the ETH Analysis That Provided Our Readers with a Gain of More Than 8%.

When we examine the current technical chart of Ethereum, it wants to maintain sustainability with candlestick closures above the important support zone of $1930. If the ETH price continues to stay above the $1930 level mentioned in the analysis, it may want to restart its upward movement.

However, if the ETH price makes 4-hour candlestick closures below the $1930 level, it can continue the downward trend until the $1858 level. If the ETH price makes 4-hour candlestick closures below the $1840 level, it will aim to reach the $1791 support.

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Lucien Renard
Lucien Renard
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.

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