Ethereum price is still consolidating above $1,550. In case ETH manages to surpass $1,620, there could be a new bull run. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum is hovering above the $1,520 and $1,500 support levels.
- Currently, Ether is trading above the $1,550 level and the 1-hour candles are above the SMA100.
- In case ETH remains above $1,550 level, it could form a new rally.
Ethereum Price Action Analysis
Ethereum finally gained some positive momentum and surpassed $1,620 as well as the SMA100. Despite that, ETH failed to hold above $1,620 and hit a 24-hour high of $1,648 before having a correction. With that, ETH lost the $1,580 and $1,550 and reached a 24-hour low of $1,535. Then, the buyers attempted to set Ethereum for recovery and bring it back above 23.6% Fibonacci retracement level from the latest fall from $1,648 to $1,535. Currently, the price is below $1,535 and the 1-hour candles are above the SMA100. On the 1-hour chart, we see a new uptrend forming with support level at $1,560.
The first resistance level for Ethereum is at $1,600 which is near the 50% Fibonacci retracement level. Following that, the $1,620 and $1,650 will be the next resistance levels. Further growth can pave the way for ETH to reach $1,700.
On the other hand, if Ethereum price fails to surpass $1,600, there could be a new downtrend. In that case, the $1,560 will be a key support level right on the SMA100. Then, the $1,530 and $1,500 will come next to hold the decline. In case of failure, ETH could fall as low as $1,420.
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 50.
Resistance levels: for the bullish run, the $1,600 and $1,700 are absolutely necessary to surpass.
Support levels: at this point, the $1,535 is the crucial support level for ETH.
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