Yet again, Ethereum price failed to surpass $3,280. In order to prevent further growth, ETH must stabilize above $3,140. Here is a summary of Ethereum price in the past few hours:
- Ethereum is facing a strong resistance at around the $3,280 to $3,300 zone.
- Currently, Ethereum price is below $3,200 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, ETH has broken the support level for an upward trendline near the $3,185.
- By losing the support level at $3,140, the downward trend will gain momentum.
Ethereum Price Action Analysis
Ethereum price had another attempt to surpass the $3,260 and $3,280 resistance levels. And yet again it failed and the price dipped.
During the bear run, the $3,220 and $3,200 failed. For the 1-hour chart, the support level for a crucial upward trendline broke at $3,185. As of now, ETH is below $3,200 and the 1-hour candles are below the SMA100.
At some point, ETH dipped all the way down to $3,150 and $3,140. The lowest recorder price in the past few hours has been $3,142 and ETH is trying to climb back up. The first resistance will be at around $3,170. This level is close to the 23.6% Fibonacci retracement level from the latest fall from $3,260 to $3,142.
Following that, there is an important resistance level near $3,200 and the SMA100. Furthermore, the 50% Fibonacci retracement will also stand to resist growth. The crucial resistance however, is around $3,220. In case Ethereum surpasses this point, it will have a good chance to move upwards. The next resistance levels will be $3,280 and $3,300.
On the other hand, if ETH fails to break through $3,200 to $3,220 zone, there will be further decline. And with that, the first resistance level is at $3,150.
The next crucial support level will be $3,140. By losing this level the bear run will gain momentum. At that point the price will likely approach $3,060.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a downward movement.
RSI: the relative strength index is below 50.
Resistance levels: for the bullish run, the $3,220 will be crucial to surpass.
Support levels: at this point, the most important support level is $3,140.
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