Ethereum managed to stabilize above $4,050. It is likely for ETH to surpass the $4,325 and $4,350 for another bull run. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum is having bullish signs above $4,200.
- Currently, the price is above $4,200 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, ETH has broken a downtrend with resistance level at $4,205.
- In case Ethereum surpasses the $4,350, the uptrend will gain momentum.
Ethereum Price Action Analysis
ETH managed to stabilize above $4,050. Subsequently, by having a new bottom, it crawled all the way up to $4,120.
Following that, the price surpassed the $4,20 and the SMA100. More importantly, it broke through the crucial $4,205 resistance level.
The price went beyond $4,300 at some point and the highest recorded price is $4,386. As of now, there is a price correction and ETH has lost the $4,300 level. With that, the price has come below the 23.6% Fibonacci retracement level from the latest rise from $4,026 to $4,486.
Currently, Ethereum is above $4,200 and the 1-hour candles are above the SMA100. The first resistance level is expected at $4,300 followed by $4,350. In case of a successful breakthrough, there will be a new bull run. In that case, the price could approach $4,450 followed by $4,500.
On the other hand, if Ethereum fails to surpass the $4,350, there could be another downtrend to follow. For this scenario, the first support level is at $4,220 which is also near a downtrend.
The next support level will be at $4,200 near the 50% Fibonacci retracement level. Dipping below this level will be detrimental to the price.
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 currently 50.
Resistance levels: for the bullish run, the $4,200 is absolutely necessary to surpass.
Support levels: at this point, the $4,350 is the crucial support level for ETH.
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