Ethereum price finally grew over 5% and surpassed $4,500. Having reached an ATH, it might be on its way to reach $5,000. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum price surpassed the $4,450 and $4,500 resistance levels.
- Currently, the price is over $4,400 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see ETH breaking the support level for a downtrend.
- In case of a breakthrough from the $4,600, there will be a new uptrend for ETH.
Ethereum Price Action Analysis
Ethereum has found new bottom above the $4,250 and $4,300. It managed to move above the $4,400 resistance level and the SMA100.
At some point, the price went beyond $4,500 reaching an ATH. For the 1-hour chart, ETH has surpassed the resistance level for a downward trendline at $4,340. The highest recorded price in the past few hours has been $4,642 before a price correction.
For the price correction, ETH lost the $4,600 support level. As of now, it is approaching the 23.6% Fibonacci retracement level from the latest rise from $4,150 to $4,642.
For now, ETH is price above $4,400 and the 1-hour candles are above the SMA100. The first resistance level is at $4,600 and the next one will be $4,640. In case of a successful breakthrough, the price could easily approach $4,720. Further growth could make reaching $5,000 possible.
On the other hand, if Ethereum price fails to surpass the $4,500 and $4,640 resistance levels, there will be a new downtrend. In that case, the $4,540 will be the first support level while $4,500 is next down in the line.
The $4,400 and the SMA100 are the primary support levels for ETH. The 50% Fibonacci retracement level from the latest rise can be seen at $4,400. Further decline can bring Ethereum closer to the $4,320. The next support level for ETH is at $4,200.
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 above 50.
Resistance levels: for the bullish run, the $4,640 is absolutely necessary to surpass.
Support levels: at this point, the $4,400 is the crucial support level.
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