Ethereum price had a bullish bounce-back starting from September 13. Subsequently, with a 15% increase it managed to reach $3,650 yesterday. At that point ETH faced resistance and had to correct. During the price correction, Ethereum price lost the $3,500 and $3,400 support levels and went as low as $3,350. Yet once again, by touching the upward trendline, ETH turned bullish. Today, the price reached $3,500 and halted by reaching the downward trendline.
Ethereum Price Action Analysis
Taking a look at the 1-hour chart, we see ETH has stopped the bullish move starting from $3,150 and stopping at $3,650. During this price correction, the price dipped as low as $3,350 near the 50% Fibonacci retracement level. However, it found support by reaching the upward trendline.
Having found great support at $3,350, ETH started a new bullish run today and reached $3,500. At this point, the bullish run had to halt.
In case Ethereum price fails to surpass this point, we can expect further decline. In that case the SMA100 at the $3,470 will be the first support level. Following that, the $3,400 near the upward trendline will be next inline. Losing both of these crucial point will result in further price decrease. For that scenario, the $3,350 and then $3,300 will be the next support levels. However, if ETH persists on going down, the $3,250 and $3,150 will support the price.
On the other hand, if Ethereum successfully surpasses the $3,500 and breaks the downward trendline, we can expect further price increase. For that scenario, the $3,600 and $3,650 are the resistance levels to beat. Breaking through these levels, ETH will have a chance to reach $3,700 and $3,800.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on an upward movement.
RSI: the relative strength index is 57.
Resistance levels: for the bullish run, the $3,500 will be crucial to surpass. Then, the $3,600 and $3,700 will follow.
Support levels: at this point, the $3,470 and $3,400 are crucial support levels.
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