Ethereum price failed to break through the $3,200 barrier, hence it had a new downward trend. It is likely that the $3,050 and $3,000 support levels fail. Here is a summary of Ethereum in the past 24 hours:
- Ethereum price had to stabilize below the pivot point at $3,200 and continue bearish.
- Currently, ETH is below $3,200 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we see a new downward trend with resistance at $3,155.
- In case Ethereum price manages to persist above $3,050, we should expect short-term bull run.
Ethereum Price Action Analysis
Ethereum failed to stabilize above the $3,200 pivot point. The price went downward after that and broke the $3,150 support zone.
During that run, the $3,120 support was also broken and at some point ETH even touched $3,060. As of now, Ethereum price is below $3,200 and the 1-hour candles are below the SMA100. Ethereum price is currently ranging near the 23.6% Fibonacci retracement level from the latest fall from $3,249 to $3,061.
In case of a bullish scenario, we expect the $3,120 to be the first resistance level. However, the primary resistance would be around $3,150. By surpassing this point, the resistance level for a downward trend in the 1-hour chart will also be crucial at $3,155.
This trendline is near the 50% Fibonacci retracement level. If Ethereum price successfully closes above $3,150, further growth is to be expected. With that, the next resistance would be around $3,200 and more growth could bring the price close to $3,300.
On the other hand, if ETH fails to surpass $3,120 and $3,150, the bearish trend will continue. In that case, the first support level will be around $3,080.
The next crucial point is at $3,060, losing which would bring momentum to the bearish trend. Following that, the $3,000 level will stand to support the price. In case of failure at that point, the buyers will likely support Ethereum price. The next support levels will be $2,880 and $2,850.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a downward movement.
RSI: the relative strength index is below 50.
Resistance levels: for the bullish run, the $3,150 will be crucial to surpass.
Support levels: at this point, the most important support level is $3,060.
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