Ethereum Analysis/Downward Trend and Potential Support at $1830

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.

Comment:

Keep an eye on the support level.