Ethereum's Price Outlook - Support Holds Key to Potential Growth
Updated
After encountering resistance around the 2000 level, Ethereum made a strong comeback, landing right back on its previous support level of 1880. This move sparked positive reactions, but it also caused a shift in the short-term trend towards bearish territory. To turn the tables and establish a bullish trend, Ethereum needs to break through the 2000 resistance barrier.
However, let's not overlook the fact that Ethereum's support at the 1880 range is rock solid. This suggests that we're more likely to see Ethereum trading within a range in the near future, especially when we zoom in on lower time frames.
Ultimately, Ethereum's upward momentum will largely depend on whether it can maintain support around the 1830 range. If it manages to hold steady, we could see Ethereum continue to climb in value.
In summary, Ethereum has been on an interesting journey lately, with its recent movements impacting its short-term trend. While the shift towards a bearish trend is worth noting, the robust support at 1880 indicates that we might be in for some range-bound trading. Nevertheless, Ethereum's potential for price growth remains intact as long as it doesn't break support around 1830.
However, let's not overlook the fact that Ethereum's support at the 1880 range is rock solid. This suggests that we're more likely to see Ethereum trading within a range in the near future, especially when we zoom in on lower time frames.
Ultimately, Ethereum's upward momentum will largely depend on whether it can maintain support around the 1830 range. If it manages to hold steady, we could see Ethereum continue to climb in value.
In summary, Ethereum has been on an interesting journey lately, with its recent movements impacting its short-term trend. While the shift towards a bearish trend is worth noting, the robust support at 1880 indicates that we might be in for some range-bound trading. Nevertheless, Ethereum's potential for price growth remains intact as long as it doesn't break support around 1830.
Trade active
Comment
The RSI level for Ethereum is 50.54, which falls in the neutral range between oversold and overbought. It means that Ethereum's price momentum is neither particularly strong nor weak at the moment.Comment
Over the last day, Ethereum's value has continued to decrease as we previously predicted. It hasn't responded well to the resistance levels between $1930 to $1920 and even broke below the support level of $1880. This is not good news for Ethereum as this previous support level is now acting as a major obstacle to further declines in Ethereum's value.
However, we had previously identified another important support level for Ethereum around $1830. This is the exact bottom of Ethereum's range channel in a 4-hour time frame. As long as Ethereum stays within this range, we can hope for a change in trend that would be in Ethereum's favor.
I am happy to inform you that Ethereum has indeed performed exactly as we had anticipated based on our previous analysis. It stayed within the support range of $1830 and has shown signs of a potential trend reversal. We must continue to monitor Ethereum closely as any drop below this level would be concerning, and the next support level we would expect to see would be at $1700.
💎 We believe that everyone can trade and deserves the opportunity to succeed in the world of cryptocurrency and take advantage of its potential.
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
🥇Join our free Telegram channel ➜ t.me/monocoin_public
👤Admin ➜ t.me/monocoin_admin
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.