- Ethereum has closed daily candles above the critical resistance level of $1930.
- To sustain its uptrend, ETH needs to maintain support at the $1880 level.
- Closes above $1893 on the 2-hour chart could trigger a bullish move towards the $1962 resistance level.
According to technical analysis, Ethereum has achieved daily closes above the critical resistance level of $1930. However, for ETH to continue its uptrend, it needs a strong support above the $1880 level.
Medium-Term ETH Analysis
12-Hour ETH/USD Price Chart
Examining Ethereum’s 12-hour technical chart, it can be observed that daily candles closed above the critical resistance zone at $1930. However, today, ETH experienced a 1% decline, pulling the price back to around $1905.
To sustain the uptrend, ETH needs to maintain daily closes above the $1880 level. In that case, Ethereum could resume its upward movement towards the $2070 level. However, for ETH to surpass $2070, it is important to hold the $1880 support level firmly.
If ETH price retraces to the $1880 level and daily closes are observed below $1814, it could indicate a potential continuation of the downtrend for spot investors.
Short-Term ETH Analysis
2-Hour ETH/USD Price Chart
Analyzing Ethereum’s 2-hour technical chart, it can be seen that it started a downward move after failing to break the $1962 resistance. If ETH price closes below $1893 on the 2-hour chart, the decline could extend to around $1858.
However, if ETH price continues to close above $1893 on the 2-hour chart, it could initiate a bullish move towards the $1962 resistance level. The nearest resistance for Ethereum is located around $1930. If ETH achieves daily closes above $1930, the next target would be the $1962 level.
