Ethereum price did a good job staying above $3,000 and it looks promising to reach $3,400. Here is a summary of Ethereum price in the past 24 hours:
- Ethereum broke the $3,250 and $3,300 resistance levels.
- Currently, Ethereum price is above #3,250 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, ETH has broken the resistance level for an important downward trend at $3,240.
- By breaking the crucial $3,350 resistance level, ETH will have a solid chance for growth.
Ethereum Price Action Analysis
ETH had a good support above $3,000 by the buyers much like Bitcoin at $45,000. Furthermore, Ethereum price found a new bottom at $3,000 and started a new bullish run.
Ethereum price broke the $3,200 and $3,250 resistance levels. Plus, for the 1-hour chart, ETH broke the resistance level for an important downward trend at $3,240. As of now, ETH stands above $3,250 and the 1-hour candles are above the SMA100.
AT some point, Ethereum price even surpassed $3,300 and reached the 23.6% Fibonacci retracement level. In case this trend continues, we can expect $3,335 to be the first resistance level.
Breaking that level would mean the bullish run will continue and the $3,360 will be the following resistance level. It is near the 1.618% Fibonacci retracement level from the latest growth. Any further growth would bring the price closer to $3,500.
On the other hand, if Ethereum price fails to surpass $3,355 and $3,360, there could be a new downward trend. The first support level at that point will be $3,300.
By losing this point, the next support level will be near the $3250 and the broken trendline. If $3,250 is lost, the price would move close to the SMA100. The $3,200 and $3,120 are the next support levels down the line.
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 60.
Resistance levels: for the bullish run, the $3,250 will be crucial to surpass.
Support levels: at this point, the most important support level is $3,420.
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