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- The short-term performance of Ethereum
seems to depend on closing above $1624 and has the potential to rise up to $1648.
- Closing below $1624 could trigger a decline in ETH price, and support levels between $1600 and $1570 are important.
- In the long-term analysis, Ethereum is trading around $1611, and daily closes above $1700 may be needed to initiate a long-term uptrend.
The technical analysis of Ethereum (ETH) considers both the short-term and long-term outlook. According to the short-term analysis, closing above $1624 supports the upward movement of ETH and has the potential to reach $1648.
MID-TERM ETH ANALYSIS
When examining the technical structure of Ethereum, we see that the ETH price is moving in a range near $1611. At the same time, ETH continues to move within the 12-hour support zone at the time of writing. In order for the ETH price to restart the uptrend, it needs to achieve daily candle closes above $1700.
However, the ETH price seems to have been moving sideways within the same range for the past 7 days. If the ETH price closes below $1611 on a daily basis, it may continue the downward movement towards $1579. It is worth noting that at this level, Ethereum long positions are being liquidated.
If the ETH price achieves daily closes above $1700, it may have the potential to continue the uptrend. The initial target will be $1762, followed by $1816.
SHORT-TERM ETH ANALYSIS
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When examining the short-term technical chart of Ethereum, we see that the ETH price has achieved 4-hour candle closes above $1624. As long as this condition continues, ETH may have the potential to sustain its upward movement, first towards $1648 and then towards $1698. However, if the ETH price closes below $1624 on a 4-hour basis, it may decline towards $1600.
If the ETH price achieves 4-hour candle closes below $1600, the next downside target will be $1570. In order for Ethereum to initiate a short-term uptrend, it needs to achieve candle closes above the resistance level of $1648.