ETH Chart indicates the price hovering above the important $3,000. If ETH manages to surpass the $3,200 resistance level, the upward trend will gain momentum. Here is a summary of ETH chart in the last 24 hours:
- ETH broke through the $3,000 and $3,050 resistance levels.
- Currently, ETH is above $3,100 and the 1-hour candles are above the SMA100.
- The 1-hour ETH chart shows a strong upward trend with a crucial support level at $3,060.
- By breaking through the $3,200 zone, a new upward trend will likely begin.
ETH Chart Price Action Analysis
Despite the price correction, the buyers provided good support for ETH above $3,000. Following that, the price surpassed $3,150 and at some point touched $3,200.
The highest recorded price for the past few hours in ETH chart was $3,233. Despite that however, the price failed to stabilize above $3,200. As of now, ETH is ranging below the $3,200 level. Furthermore, the 23% Fibonacci retracement level from the latest rise (from $2,890 to $3,233) has been broken.
However, ETH is still above $3,100 and the 1-hour candles are still above the SMA100. Taking a look at the 1-hour ETH chart, a new upward trend with the crucial support at $3,060 can be seen.
The support level for this trend is close to the 50% Fibonacci retracement level from the latest rise. The first resistance level will be around $3,200. If this level is broken through, the next stop will be at $3,230.
By stabilizing well-above $3,200 and $3,230, we should expect a strong bull run for Ethereum. In that case, the price could climb as high as $3,350. Further growth could bring the price close to the $3,500.
On the other hand, if ETH fails to surpass $3,200 and $3,230, we can expect a new downward trend. For that scenario, the first support level will be around $3,120.
Following that, the $3,100 will be next to support the price. The utmost important support level however will be at $3,60 and the SMA100. Going below this point would mean the price approaching $3,000 once again.
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 above 50.
Resistance levels: for the bullish run, the $3,200 will be crucial to surpass.
Support levels: at this point, the most important support level is $3,060.
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