- Ethereum’s 8-hour technical chart indicates a trend support in the $2407 – $2347 range.
- The potential for a downward move exists, but a bounce from this support could trigger an upward movement.
- Close monitoring of the $2407 – $2347 support range is crucial for ETH investors, with targets at $2500 and $2763 if the upward momentum continues.
The 8-hour Ethereum chart indicates a trend support around $2407 – $2347, suggesting a potential downward move. A bounce from this support may lead to an upward movement, targeting $2500 and $2763.
Medium Term ETH Analysis
When analyzing the 8-hour technical chart of Ethereum, the 8-hour trend support is currently moving near the range of $2407 – $2347 as of the time of writing. The ETH price may extend its downward movement to the mentioned support range.
Following a decline to the specified support range in the analysis, Ethereum may initiate its upward movement again with strong buying reactions encountered at the support zone. ETH investors should closely monitor the $2407 – $2347 support range mentioned in the analysis and carefully track their spot investments.
If the ETH price resumes its upward movement from the $2407 – $2347 support range, it may aim for first $2500 and then $2763. However, if Ethereum closes daily candles below $2347, there is a possibility of continuing the downward movement to $2284.
If the Ethereum price closes daily candles below $2280, it may extend the downward movement to the $2200 support. However, if ETH reverses from the $2407 – $2347 support, it will initiate the upward movement, potentially leading to an uptrend in altcoins.
