Ethereum price is riding on a mild bullish trend and surpassed the $3,400. ETH is showing good signs and will likely go over $3,500. Here is a summary of Ethereum price in the past 24 hours:
- Ethereum price managed to break the $3,350 and $3,380 in an upward movement.
- Currently, Ethereum price is over $3,400 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, a new upward trend is forming. This trend will have support at $3,425.
- In case of breaking the $3,480 resistance, bull run will continue.
Ethereum Price Action Analysis
Yesterday, Ethereum price found bottom at $3,250 and started a new bullish run. During the run, ETH broke the $3,350 and $3,380 resistance levels.
AT some point, the price went beyond $3,400 and the 1-hour candles stabilized their position above the SMA100. The highest recorded price for ETH has been $3,477 which was followed by a slight correction.
Furthermore, Ethereum price dipped below $3,400 but the buyers provided good support and stopped the correction.
The lowest recorded price has been $3,340 that was followed by a new bullish run. After that, ETH approached the 50% Fibonacci retracement level from the latest fall from $3,477 to $3,340.
As of now, Ethereum price is over $3,400 and the 1-hour candles are above the SMA100. For the 1-hour chart, we see an upward trend with support at around $3,425. As we speak, ETH is trying to penetrate the 76.4% Fibonacci retracement level.
If buyers succeed, the price will surpass $3,480. the next resistance level is expected to be around $3,500. Breaking this crucial point will ensure a bullish trend approaching $3,600 next.
On the other hand, if ETH fails to surpass the $3,480 and $3,500, there will be a new bearish trend with first support at $3,435.
The next support level at that point will be $3,425 and the trendline. Breaking the trendline would bring momentum to the downward trend. At that point, the price could approach $3,350.
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 $3,500 will be crucial to surpass.
Support levels: at this point, the most important support level is $3,350.
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