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Will Ethereum Start an Uptrend from Its Critical Support? July 5th ETH Analysis

  • 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

ETHUSDT-12

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

ETHUSDT.P-2

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.

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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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