- Ethereum
could not sustain its upward movement because it failed to break its resistance level at $1630. - If the ETH
price fails to surpass the $1630 level, it may experience a downward movement towards the support levels at $1566, $1557, and $1548. - If the ETH price encounters strong buying reactions at these support levels, it can continue its price movement towards $1630 and $1700, initiating the upward trend from this region.
Ethereum could not sustain its upward movement because it failed to break its resistance level at $1630. The ETH price may continue to remain in a downward trend as long as it cannot surpass the $1630 level. However, if the ETH price encounters strong buying reactions at these support levels, it can continue its price movement towards $1700.
MEDIUM-TERM ETH ANALYSIS
After a downward movement towards the $1549 support, Ethereum started to rise with strong buying reactions. If the ETH price reaches $1700, it will have converted the downward trend into an upward trend in the lower time frame. In this case, suitable entry regions can be sought for spot investors.
If the ETH price reaches $1700 and then performs a downward movement towards the $1600 levels, spot investments can be evaluated with daily candle closures below the $1549 level as stop. The upward target for ETH will be $1800.
However, if the ETH price falls below the $1549 level before reaching $1700, it is likely to continue its downward movement towards the $1448 levels.
SHORT-TERM ETH ANALYSIS
Ethereum could not sustain its upward movement because it failed to break its resistance level at $1630. If the ETH price fails to surpass the $1630 level, it may experience a downward movement towards the support levels at $1566, $1557, and $1548.
If the ETH price encounters strong buying reactions at these support levels, it can continue its price movement towards $1630 and $1700.
ETH investors should carefully monitor the support levels mentioned in the analysis and article if the $1630 resistance cannot be reached.
