Ethereum price is hovering above the $3,320 support level. In order to start a new rally, ETH must surpass the $3,450 resistance level in short-term. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum managed to remain above $3,320.
- Currently, the price is above $3,320 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we have a triangle pattern with $3,415 at the top.
- In case Ethereum managed to break through $3,435 and $3,450, there could be a new uptrend.
Ethereum Price Action Analysis
Reaching a short-term high at $3,480, ETH went for a correction. Following that, Ethereum price lost the $3,450 and $3,440 support levels. At some point, ETH had a spike going below $3,400 but soon recovered as the buyers supported ETH at $3,335. Subsequently, the $3,335 remained as the short-term low as the price started to recover. With that, it gained back the $3,400 and the price moved back above the 50% Fibonacci retracement level from the latest decline from $3,482 to $3,334.
Currently, ETH is facing the key resistance level at $3,420. The selling pressure is still consistent above the 61.8% Fibonacci retracement level. For the time being, the price is inside a triangle pattern with the top part located at $3,415. The next resistance level will be $3,450 followed by $3,500. Following that, the $3,650 will be the next level to surpass.
On the other hand, if Ethereum price fails to form a new rally above $3,420, there will be further correction to follow. In which case, the $3,360 and $3,350 will be the first support levels for ETH. However, the key support level is at $3,320 at the bottom of the triangle. Dipping below this level and the SMA100 could increase the selling pressure. In that case, ETH could dip as low as $3,250.
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 $3,450 is absolutely necessary to surpass.
Support levels: at this point, the $3,320 is the crucial support level for ETH.
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