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What is Ethereum’s Target for Growth? August 24th ETH Analysis

  • When examining the daily technical chart of Ethereum, it can be seen that it has been moving horizontally within the support range of $1659 – $1611.
  • If the price closes above the $1611 level on a daily basis, it may indicate the potential for further upward movement towards the target of $1762.
  • However, if Ethereum fails to close above $1700 on a daily basis, the possibility of a decline may increase and a pullback towards the $1611 level may occur.

The daily chart of ETH shows that it has been moving horizontally within the support range of $1659 – $1611. If daily closes occur above the $1611 level, there may be potential for the price to continue its upward movement towards $1762.

Medium-Term ETH Analysis

Daily ETH/USD Price Chart
Daily ETH/USD Price Chart

When examining the daily technical chart of Ethereum, it can be seen that the price has been moving horizontally within the support range of $1659 – $1611. As Ethereum closes above the $1611 level on a daily basis, it may continue its upward trend towards the $1762 levels.

If the price closes above the $1762 level on a daily basis, the next target could be $1816. However, for Ethereum to initiate its upward trend, it needs to close above $1700 on a daily basis.

If Ethereum fails to close above $1700, the possibility of a decline may increase and in this case, the price may pull back towards the $1611 levels. Additionally, closures below $1611 may extend the decline towards $1549.

Short-Term ETH Analysis

Hourly ETH/USD Price Chart
Hourly ETH/USD Price Chart

When examining the hourly technical chart of Ethereum, it can be observed that the price is moving near the support level of $1652. If Ethereum receives a strong buying response above the $1652 level, it may show an upward movement towards the $1696 levels starting from this support level.

However, if the Ethereum price successfully continues its decline by closing below $1652 on an hourly basis, it may show a pullback tendency towards the support range of $1640 – $1630. If the price encounters a strong buying response from this support range, it carries the potential to restart the upward trend.

As long as the Ethereum price continues its hourly closes above the mentioned support levels, it may continue its upward trend towards the target of $1723. It is important for investors to follow the given support and resistance levels in the analysis.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
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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