Ethereum price finally surpassed the $3,250 and $3,300 resistance levels. Currently ETH is trying to break through the $3,400 and $3,450. Here is a summary of Ethereum price in the past 24 hours:
- By reaching $3,500, Ethereum went for a price correction.
- Currently, ETH is above $3,200 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, Ethereum has broken the resistance level for a downtrend at $3,380.
- In case ETH manages to stabilize over $3,275, the price could grow in short-term.
Ethereum Price Action Analysis
ETH surpassed the crucial $3,200 and at some point move beyond the SMA100. However, the price failed to surpass $3,500.
The highest recorded price in the past few hours has been $3,489 before a price correction happening. For the price correction, ETH fell as low as $3,350. The buyer provided good support at $3,275 and the SMA100 and did not let ETH go further down.
The lowest recorder price has been $3,275 in the past few hours which was followed by an uptrend. During the bull run, ETH surpassed the $3,350 resistance level and reached the 50% Fibonacci retracement level.
Looking at the 1-hour chart, we see ETH has surpassed the resistance level of a crucial downtrend at $3,380. ETH is currently ranging.
For the bullish scenario, the first resistance level is at $3,420 followed by $3,440. This level is near the 76.4 Fibonacci retracement level. The next resistance level is around $3,500. In case of moving above this level, the price could reach $3,700.
On the other hand, if ETH fails to surpass the $3,420 and $3,440, there could be a new downtrend coming. In that case, the $3,350 is the first support level.
The next important support level is at $3,300 and the SMA100. Failure to stabilize above the $3,300 and $3,275 could bring further decline to the price. The next support level is at $3,200.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a weak upward movement.
RSI: the relative strength index is above 50.
Resistance levels: for the bullish run, the $3,440 is absolutely necessary to surpass.
Support levels: at this point, the $3,275 is the crucial support level.
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