The price trend has fallen below the support level of $1603.At present, ETH is continuing to decline towards the support level of $1562
The price trend has fallen below the support level of $1603.
At present, ETH is continuing to decline towards the support level of $1562.
If the ETH price continues to remain below $1611, the downward trend may continue.
Ethereum's short-term chart shows a downward trend, but it may provide buying opportunities near the support level of $1562. However, for long-term investors, the key support level is between $1449 and $1372
Medium term ETH analysis
When viewing Ethereum's daily technical chart, it can be observed that the price is currently hovering around $1580, consistent with previous analysis. Previous analysis mentioned that if the price falls below the support level of $1611, spot investors may sell their positions and close their positions at a price level of $1700, earning a profit of over 7%.
The current situation is that if Ethereum can regain support at $1611, there may be an opportunity for another increase. However, if ETH prices continue to remain below $1611, the downward trend may deepen, pushing prices into the range of $1449 to $1372.
Importantly, some major investors in Ethereum seem to have expected prices to fall to the support range of $1449 to $1372. If such a decline occurs, these major investors may consider buying heavily in this range. Therefore, Ethereum investors should closely monitor the support range of $1449 to $1372 to find opportunities for long-term spot buying.
Short term Ethereum analysis
When examining Ethereum's 4-hour technical chart, we observed that the price trend was below the level of $1603. If ETH continues to remain below this level, it may continue its downward trend, with the next support level at $1562.
However, if Ethereum's price receives strong buying reactions within the support range of $1562 to $1540, it may rebound from the region and rise to $1670. Therefore, ETH investors should closely monitor the aforementioned support areas.
In order to re-establish the upward trend, Ethereum needs to remain above $1624. Therefore, ETH investors should closely monitor the support and resistance levels mentioned earlier.
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