- Strong buying pressure is observed near the $2139 support area in Ethereum.
- ETH needs to surpass the $2407 resistance to sustain its upward movement.
- Investors should exercise caution when trading in the $2509 – $2604 resistance range.
When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.
Medium Term ETH Analysis
When examining the medium-term technical chart of Ethereum, we observe strong buying pressure near the $2139 support area, pushing the price up to the $2350 region. For ETH to sustain its upward movement, it needs to close 8-hour candles above the $2407 resistance.
If the ETH price achieves 8-hour candle closes above $2407, it may rise to the resistance range of $2509 – $2604 as indicated in the analysis.
Investors should be cautious in long positions if Ethereum rises to the $2509 – $2604 resistance range. If the price fails to close daily candles above $2614 when reaching this resistance range, it may initiate a downward movement. Investors looking to open swing short positions should wait for ETH to rise to the $2509 – $2604 range and capture short positions in the lower time frame with a stop at $2614.
However, if the ETH price closes daily candles above the $2614 resistance, Ethereum may aim for the next resistance at $2763. Therefore, investors should exercise caution in trades opened in the $2509 – $2604 resistance range. If ETH fails to surpass the specified resistance range, it may initiate a downward movement towards the $1985 support.
