Ethereum price had a sharp fall after losing the $3,200 support level. The price fell as low as $2,807 and is currently trying to reach back up. Here is a summary of Ethereum price in the past 24 hours:
- ETH started a new downward trend and dipped below the $3,300 and $3,200 support levels.
- Currently, the price is below $3,200 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, there is a new downward trend with resistance level at $3,050.
- In case ETH surpasses the $3,050, the price could climb back up.
Ethereum Price Action Analysis
ETH had a strong bearish trend starting from $3,500. During this run, it lost many of the support levels around $3,300 and wen below the SMA100.
The sellers took control below $3,200 and with a spike, ETH reached below $3,000. The lowest recorder price in the past few hours has been $2,807. ETH is now trying to compensate for the loss and it has surpassed $2,920 and $2,950.
Ethereum has reached the 23.6% Fibonacci retracement level from the latest fall from $3,455 to $2,080. The first resistance level is at $3,020. In the 1-hour chart, we see an important downward trend with support at $3,020.
In case ETH manages to surpass the $3,020 and $3,050 levels, there will be a new upward trend. The next crucial resistance level is at $3,130 near the 50% Fibonacci retracement level. Breaking this level is required for having another bullish run. Following that, the $3,300 is the next resistance level to follow.
On the other hand, if Ethereum fails to surpass the $3,020 and $3,050, the bearish trend will likely continue. The price will approach $2,800 at that point. The next notable support level is at $2,800 followed by $2,750. Losing these two means that ETH will go further down.
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, ETH is bound to break through the $3,050 resistance level.
Support levels: at this point, the $2,960 is the crucial support level.
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