Ethereum price failed to surpass the $3,850 and formed a downtrend. ETH is still above the $3,680 support level but is likely to fall below. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum formed a new downtrend starting from $3,850.
- Currently, the price is below $3,800 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see ETH has dipped below a crucial level at $3,800.
- In order to turn green, ETH must surpass the $3,750 and the SMA100 in short-term.
Ethereum Price Action Analysis
Ethereum price tried to regain the $3,850 but failed to surpass and pivoted downwards. Following that, the price lost a crucial support level at $3,800 and fell below the $3,750 and the SMA100. At some point, ETH even had a spike coming down as low as $3,680 but the buyers supported the price.
The lowest recorded price for ETH has been $3,680 before a try for recovery. Following that, Ethereum regained the $3,750 and even had a spike back above the 50% Fibonacci retracement level from the latest fall from $3,850 to $3,680.
Currently, the price is around $3,750 and the 1-hour candles are near the SMA100. The first resistance level is at $3,785 which is near the 61.8% Fibonacci retracement level.
In case ETH successfully breaks through the $3,785, it could quickly pump up to $3,850. Further growth will bring ETH closer to $4,000 and the next resistance level will be at $4,200.
On the other hand, if Ethereum price fails to surpass the $3,750 and start a new uptrend, the price will plunge. In which case, the first support level will be at $3,700. The next support level is at $3,680. Dipping below this level would cause a strong decline. The $3,620 will be the next support level for 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 50.
Resistance levels: for the bullish run, the $3,750 is absolutely necessary to surpass.
Support levels: at this point, the $3,680 IS the crucial support levels for ETH.
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