- Breaking above $1,640 would be a positive signal. Short-term outlook is somewhat negative from a technical perspective.
- Ethereum is aiming to test the $1,640 resistance. This could elicit a bearish response, but breaking above $1,640 would be a positive signal.
- Ethereum has breached the lower boundary of the long-term rising trend channel, indicating initially weaker upward momentum.
Ethereum price is trading below the critical $1,640 resistance: Why is breaking this level important? Current ETH price analysis!
Short-Term Ethereum Price Analysis
Ethereum has surpassed the upper boundary of the short-term descending trend channel. This indicates initially slower downside momentum or the beginning of a more horizontal development. Ethereum is approaching the $1,640 resistance, which could prompt a bearish response. However, breaking above $1,640 would be a positive signal. From a short-term technical perspective, it is considered somewhat bearish.
Medium-Term Ethereum Analysis
Ethereum is within the medium-long term descending trend channel. Downtrend channels suggest negative developments for ETH and reduced buying interest among investors. After a downward signal from the support level at $1,806, the price experienced a sharp decline. The target at $1,649 has currently been met, but the formation signals further downside.
Ethereum is aiming to test the $1,640 resistance. This could elicit a bearish response, but breaking above $1,640 would be a positive signal. Volume peaks and troughs align well with price peaks and troughs. This weakens the downtrend and may serve as an early signal for a future trend reversal. Medium-term analysis generally considers the currency somewhat bearish.
Long-Term Ethereum Analysis
Ethereum has broken below the lower boundary of the long-term rising trend channel, indicating initially weaker upward momentum. The currency is forming a rectangle between the support level at $1,390 and the resistance level at $2,188. A definitive break of one of these levels will indicate the new direction for the currency.
Ethereum has broken below the 2,000-point support level, signaling further declines. In the long term, the currency is generally considered technically bearish.
