Ethereum Price Forecast: Key Technical Levels to Monitor

Ethereum's Daily Chart Trends

Ethereum's current trend, as seen on its daily chart, is within an ascending channel that has been developing since July 2022. This pattern is significant for understanding Ethereum's price movement. The recent events at Binance have impacted the altcoin market, including Ethereum, resulting in a noticeable decline.

For Ethereum, critical support levels on the daily chart are identified at $1924, $1853, and $1752. A close below the $1924 level could significantly affect Ethereum's price momentum.

On the resistance front, levels to watch include $2039, $2129, and $2241. Closing above the $2129 mark, particularly during the recent uptrend, would be instrumental in driving Ethereum's price upwards. Surpassing the $2241 level would signify reaching a new high in recent times.

Ethereum's Two-Hour Chart Insights

On the two-hour chart, Ethereum shows a contracting wedge pattern, typically seen in uptrends and suggestive of a bullish outcome. Ethereum's interaction with the resistance level four times in a brief period has been profitable, especially for futures market investors.

The pivotal support levels on this shorter timeframe are $2015, $1984, and $1960. A closure below the $2015 support, which played a key role in the recent downturn, could hinder Ethereum's price progress.

For resistance, levels of importance are $2039, $2068, and $2091. A close above the $2068 level is crucial for breaking upwards out of the current pattern and fostering positive momentum for Ethereum's price.