Ethereum price is consolidating above $3,000. In case Ethereum breaks through $3,080, the uptrend will continue on. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum found support at $2,900 from the buyers.
- Currently, the price is above $2,920 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we have a crucial uptrend with support level at $2,988.
- ETH is ranging above $3,000 and could start a new short-term rally.
Ethereum Price Action Analysis
Ethereum lost the $2,950 support level for a short while. However, the buyers rose to support the price at $2,900 and ETH is still above the SMA100. Furthermore, ETH formed a new uptrend and surpassed the $3,000 resistance level.
At some point, the price moved above $3,050 with a 12-h high of $3,080. By then, the price went or a price correction and lost the $3,050 support level. As of now, ETH has penetrated the 23.6% Fibonacci retracement level from the latest rise from $2,926 to $3,080.
Currently, Ethereum price is ranging above the $3,000 and the 1-hour candles are well above the SMA100. On the 1-hour chart, ETH has formed a new uptrend with support level at $2,985.
The first resistance level for ETH is at $3,065 followed closely by $3,080. In order to move further up, ETH must surpass $3,080. In which case, the $3,120 will be the next resistance. Further growth can bring Ethereum all the way up to $3,250.
On the other hand, if Ethereum price fails to surpass $3,80, the downtrend will continue. In that case, the first support level will be at $3,000 followed by $2,980. The $2,980 is a key support level for ETH as dipping below this level could be detrimental in short-term. For this scenario, the price could fall as low as $2,920.
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 above 50.
Resistance levels: for the bullish run, the $3,080 is absolutely necessary to surpass.
Support levels: at this point, the $2,980 is the crucial support level for ETH.
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