Ethereum chart indicates that the price is stabilized above the $3,100 support level. In case the crucial $3,330 resistance level breaks, we can expect the bull run to gain momentum. Here is a summary of Ethereum chart in the past 24 hours:
- Ethereum is on a new bull run and has even surpassed $3,300.
- Currently, the price is well above $3,200 and the 1-hour candles are above the SMA100
- For the 1-hour Ethereum chart, an important upward trend with support at $3,165 has started.
- By stabilizing around the $3,120 support zone there will be a solid chance for further growth.
Ethereum Chart Price Action Analysis
ETH is still hovering above $3,000. The resistance level at the $3,200 zone is surpassed and the 1-hour price candles have stabilized above the SMA100.
Furthermore, ETH did manage to go over $3,300 and even touched $3,331. As of now, the price is going through a slight correction and below $3,300. However, we see that the price has approached the 23.6% Fibonacci retracement level (from the latest rise from $3,117 to $3,331).
The first support level is around $3,220 which is close to the 50% Fibonacci retracement level. Looking at the 1-hour Ethereum chart, we can see an important upward trend with support at $3,165.
For the bullish scenario, the first resistance level will be $3,300. However, the primary resistance is near the $3,330. By successfully breaking through it, the bull run can continue and even approach $3,420. In that case, ETH will have a chance to reach $3,500.
On the other hand, If ETH fails to surpass $3,300 and $3,330, the trend will turn downward. In that case, the first support level will be around $3,220.
Following that, the $3,200 will support the price next, yet the primary support will be $3,150. Going below that point means further downward trend and approaching $3,000.
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 $3,330 will be crucial to surpass.
Support levels: at this point, the most important support level is $3,150.
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