In Ethereum’s recent price action, it has managed to climb higher, particularly when it surpassed the $1,649 resistance level. This is a positive sign for those interested in the cryptocurrency market. However, it’s important to note that if Ethereum’s daily closes fall below $1,649, there might be a potential drop in its price, bringing it into the $1,602 to $1,584 range.

For those holding Ethereum for the long term, daily closes above the $1,743 resistance level are of utmost significance. If Ethereum can consistently close above this level, it could set its sights on the $2,100 price range. On the flip side, if Ethereum struggles to break through the $1,743 resistance, it could potentially revisit the $1,538 level and even dip as low as the $1,448 to $1,370 support range.

In simpler terms, Ethereum investors should keep a close eye on whether the price can surpass the $1,743 resistance level. Failure to do so might trigger a return to a downward trend.

Looking at the Short-Term Picture: Ethereum’s 4-Hour Chart

Taking a closer look at Ethereum’s short-term performance on the 4-hour chart, it’s evident that it has been on an upward trajectory by surpassing the $1,649 resistance level. As long as Ethereum can stay above this $1,649 mark, it aims to continue its upward journey, potentially reaching the $1,778 level.

However, if Ethereum’s price experiences 4-hour closures below $1,649, it might lead to a temporary dip towards the $1,602 to $1,584 range. But if Ethereum’s price temporarily slips below $1,649 and then manages to recover and resume its upward trajectory, it could aim for the $1,778 target.

The analysts at Coinotag emphasize that if Ethereum approaches the $1,602 to $1,584 support range, it could serve as a critical zone for confirming long positions.

In summary, Ethereum’s price is showing promising signs, but it’s crucial for investors to watch how it performs relative to key resistance levels, especially the $1,743 mark, to gauge its potential future movements