Ethereum price failed to surpass the $3,250 and dipped as low as $3,000. Currently, ETH is trying to recover. In case it manages to surpass the $3,150, the price could have a growth in short-term. Here is a summary of Ethereum price in the past 24 hours:
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- The buyers supported Ethereum at $3,000.
- Currently, the price is above $3,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we have a new downtrend with resistance level at $3,150.
- In case ETH breaks through this resistance level at $3,150, it could grow in short-term.
- As long as Ethereum price remains below the SMA100, it could decline at any moment.
Ethereum Price Action Analysis
Ethereum price failed to surpass the $3,250 resistance level and headed for the bottom of the channel. Following that, ETH lost the $3,130 and $3,080 support levels. At some point, the price went below $3,050 and the lowest recorded price is at $3,005. By reaching this level, the buyers rose to support the price and started a recovery process.
Currently, ETH is above $3,000 and the 1-hour candles are below the SMA100. For the 1-hour chart, we have a new downtrend with resistance level at $3,150. As of now, the price is retesting this level.
The first resistance level is at $3,150 which could provide short-term growth in case of a break through. Following that, the $3,250 near the 23.6% Fibonacci retracement level from the latest fall from $3,900 to $3,005 will be the next resistance level. The $3,300 and $3,350 are the next resistance levels. The $3,350 is located near the SMA100. Further growth can bring ETH closer to the $3,400 and $3,450. The $3,450 is near the 50% Fibonacci retracement level.
On the other hand, if Ethereum price fails to surpass $3,150, the price could quickly approach the bottom of the channel. In that case, the first support level will be the $3,100 to $3,080 range. The next support level will be the crucial $3,000. Dipping below this level would bring ETH down to $2,950 and $2,900. The $2,900 level is the support level for the downtrend and losing it would be detrimental for 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 48.
Resistance levels: for the bullish run, the $3,150 is absolutely necessary to surpass.
Support levels: at this point, the $3,000 and $2,950 and $2,900 are the crucial support levels for ETH.
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