ETH price has maintained its upward march and closed in on the important resistance at $2,500. The highest price in the past hours has been $2,480. However, by reaching the top of the price channel, it went for a correction and stands at $2,440 as of right now. Here is a summary of ETH price for the past few hours:
- By breaking the $2,340 and $2,450 resistance levels, ETH Price is still moving up.
- By reaching the top of the channel, the price went for a correction.
- Currently, the price is below $2,500 and the 1-hour candles are above the SMA100.
- Ethereum needs to break through $2,500 for further growth.
Yesterday, Ethereum was on a decline and reached $2,320 near the bottom of the channel. At that point, the price was supported and managed to pivot upward again.
The bullish trend continued until $2480 but yet again the price moved down in a correction. As of now, ETH price is below the resistance level at $2,500, but has a solid chance of growth since the candles are located above the SMA100.
During the correction, the $2,440 support zone located near the 23.6% Fibonacci retracement level (from the latest growth from $2,317 to $2,479) was broken. Furthermore, the $2,400 support near the 50% Fibonacci retracement level will stand to support the price.
In case the $2,400 fails to support the price, the primary support will be the $2,350 at the bottom of the channel. Failure to support at that point would mean further decline. In that scenario, ETH price could fall as low as $2,200. Anymore decline at that point can bring the price down to $2,080 and $2,000.
On the other hand, if the price is well supported at $2400, there will be a good chance for another bull run. Once again, the $2,500 will be the primary resistance level to break for the upward trend.
Subsequently, the crucial resistance level at the top of the channel is the $2500. Breaking though that, would mean further growth in price.
There is chance that by breaking $2500, ETH price would go as high as $2,640. As for this case, the $2,580, $2,600 and $2,640 will be important resistance levels to consider.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a weak upwards momentum.
RSI: the relative strength index is approximately 59.
Resistance levels: At this point, the primary resistance level is $2,500. Followed by $2,580, $2,600 and $2,640
Support levels: the first support level is at $2,350, then the second once at $2,200. In case of further downward trend, the third support level will be $2,080.
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