Ethereum has shown promise in its price trajectory, with indications that it could surge to $2,100. Analyzing Ethereum’s 4-hour technical chart reveals a continued uptrend, particularly when it broke through the $1,649 resistance level. However, it’s essential to consider the implications of closing below this crucial point, which might result in a drop to the $1,602 – $1,584 range.
Long-Term and Short-Term Projections
Daily ETH/USD Price Chart Source: Trading View
Long-Term Analysis: Coinotag Analysts offer a long-term perspective on Ethereum’s performance. Initially, there were concerns that dropping below the $1,538 level could trigger a decline to the $1,448 – $1,370 support range. However, Ethereum‘s price displayed resilience, garnering substantial buying interest at the $1,538 level and surging to $1,712, granting investors a notable 10% gain. To secure the upward momentum, daily closures above the $1,743 resistance are vital. If this level is consistently breached, the next target is set at $2,100. Conversely, failure to surpass the $1,743 resistance could lead to a retracement, revisiting the $1,538 level and potentially extending to the $1,448 – $1,370 support range.
4-Hour ETH/USD Price Chart Source: Trading View
Short-Term Analysis: The 4-hour technical chart reflects Ethereum’s commitment to the upward trajectory, as it triumphed over the $1,649 resistance. As long as Ethereum maintains its position above this mark, it aims to push onwards towards the $1,778 level. However, a breakdown, resulting in 4-hour closures below $1,649, could initiate a downtrend, potentially extending to the $1,602 – $1,584 range. Should Ethereum’s price dip below the $1,649 support but subsequently recover, it might re-establish its course towards the $1,778 target. The zone between $1,602 and $1,584 holds pivotal importance for confirming long positions.
Ethereum’s future trajectory hinges on its ability to surmount the $1,743 resistance for long-term gains and to maintain levels above $1,649 for continued short-term growth. Investors should closely monitor these critical points to make informed decisions about their Ethereum holdings.