Ethereum price gave it another try to surpass $4,150 but failed and had to back down to $3,878. In case Ether manages to surpass $3,950, it could have a short-term growth. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum lost the $4,050, $4,000, $3,980 and $3,940.
- Currently, the price is below $4000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a crucial support at $4,000 failed to hold the decline.
- In case ETH surpasses the $3,950, there could be a short-term growth.
Ethereum Price Action Analysis
Ethereum once again tried to surpass the top of the ranging channel. This time, the $4,130 level did not allow for further growth and ETH pivoted downwards. Following that, the price lost the support at the bottom of the channel at $4,000. At some point, ETH dipped below $3,940 and the lowest recorded price in the past few hours has been $3,878. By reaching this point, Ethereum tried to recover and climbed back above $3,900.
Currently, the price is below $4,000 and the 1-hour candles are far below the SMA100. Right now, the price is hovering below the 23.6% Fibonacci retracement level from the latest fall from $4,151 to $3,878.
The first resistance level for ETH is at $3,940 which is near the 23.6% Fibonacci retracement level. The next crucial resistance level is at $3,980. Following that, the $4,000, $4,050 and $4,070 will be the next levels to resist ETH.
On the other hand, if Ethereum price fails to surpass the $3,940, the downtrend will continue. For this scenario, the first support level will be at $3,900 followed by $3,880. Then the $3,820, $3,770 and finally $3,730 will support ETH.
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 currently below 30.
Resistance levels: for the bullish run, the $3,950 is absolutely necessary to surpass.
Support levels: at this point, the $3,900 and $3,880 are the crucial support levels for ETH.
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