ETH Held the Line... But Is It a Trap? $1,688 Decides the Future!
Ethereum has done an impressive job stabilizing itself after a dangerous decline. The $1,550 level was a crucial support on the weekly chart, and $ETH has managed to hold that zone for three consecutive weeks, which is a positive sign. However, it’s important not to overreact too soon. Let’s zoom out to the monthly time frame, where broader trends often tell the real story.
There’s still about a week left before the monthly candle closes. The concerning part is that if ETH closes this month below $1,634, it could trigger a drop back to $1,563. If that level fails to hold, the next leg down might be toward the $1,200 zone. Yes, it’s a big drop—but that’s what the chart suggests on the higher time frame. On the other hand, if ETH reclaims the $1,888 level, it may signal strength and open the door for a rebound toward $2,218 and possibly $2,500. So now you can see the big picture.
As for my personal take: I believe long-term traders should stay cautious. If you’re someone who holds positions for weeks or months, this may not be the best time to go long. For those trading on shorter time frames, the situation is different.
Next week is key. If the weekly candle closes below $1,688, the next level to watch is $1,634. However, if ETH closes above $1,688 this week, you can aim for $1,888 in the following week.
Now shifting to the daily chart for short-term traders: ETH is currently consolidating between $1,546 and $1,692. A daily close above $1,692 could lead to a move toward $1,802—but only if it’s not a fakeout. A stronger position becomes more clear not today, not tomorrow, but the day after tomorrow. If ETH closes above $1,692 today, and tomorrow it holds that level, the third day would be your confirmation to enter a long position. Risk-takers might choose to go early, but the safer move is waiting for that third-day candle.
One more thing: a close above $1,692 would also mean ETH breaks the 50 RSI barrier—something it hasn’t done since January 31st this year. Since then, the trend has been downward. So a break here is a significant technical shift.
To summarize:
- Monthly close below $1,634 = bearish → risk of drop to $1,200
- Weekly close below $1,688 = look for $1,634
- Weekly close above $1,688 = look toward $1,888
- Daily close above $1,692 = possible move to $1,802
- Third day after the breakout gives safest entry
- RSI break above 50 for the first time since January = momentum shift
Always do your own research. I’m just giving you a technical direction based on the charts.
⭐ Request By @kimkylanBTC To Analyze #ETH
