The support zone between $1840 – $1858 in Ethereum’s 4-hour technical chart indicates that the price is trying to enter an upward trend. ETH can continue its rise up to the $1917 levels as long as it stays above the $1840 support.
However, if the ETH price closes below the $1840 level on a 4-hour basis, it can extend the downward trend to the $1828 level and then to the support range of $1791 – $1774.
If the ETH price continues to close below the $1880 support on a daily basis, there is a possibility of a decline towards the $1815 levels. ETH whales are monitoring the price reaching the support range of $1777 – $1749 as a long-term investment opportunity.
When examining the technical price analysis of Ethereum, it can be seen that important support and resistance levels are influential in both the 4-hour and daily time frames. Whether the ETH price closes above or below the $1840 support will likely determine the short-term price movement.
Medium-Term ETH Analysis
Daily ETH/USD Price ChartWhen examining Ethereum’s daily technical price chart, it is observed that it continues to move below the $1880 level. If the ETH price continues to close below the $1880 level on a daily basis, there is a possibility of continuing the downward movement towards the $1815 levels.
If the Ethereum price continues to close below the $1815 level on a daily basis, it may increase the possibility of a decline to stop long positions at the $1815 level. However, after stopping long positions at the $1815 level, Ethereum may want to initiate an upward trend.
However, if the Ethereum price closes below the $1815 level on a daily basis, it can extend the decline to the range of $1777 – $1749. ETH whales are carefully monitoring this critical level for long-term investments.
Short-Term ETH Analysis
4-Hour ETH/USD Price ChartWhen examining Ethereum’s 4-hour technical chart, it can be seen that it is trying to enter an upward trend with the support it receives from the important support zone between $1840 – $1858. As long as the ETH price continues to stay above the mentioned $1840 support, it can initiate the upward trend from this range and reach the $1917 levels.
However, if the ETH price closes below the $1840 level on a 4-hour basis, it can extend the downward movement to the $1828 level first, and then to the support range of $1791 – $1774.
If the Ethereum price encounters strong buying reactions from the support range of $1791 – $1774, it can initiate the upward trend from this range and reach the $2100 levels. Therefore, ETH investors should carefully monitor the support range of $1791 – $1774 according to the 4-hour basis closing below the $1840 support. Especially the movements in this support range can provide important clues for Ethereum’s future price movement.
