Ethereum price started a new uptrend above $4,550. Currently, the price is above $4,700 and it is likely for another bull run to happen in short-term. Here is a summary of Ethereum Price in the past 24 hours:
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- Ethereum price surpassed the $4,550 and continued upward.
- Currently, the price is above $4,650 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, ETH has surpassed the resistance level for a downtrend at $4,560.
- In case ETH manages to stabilize above the $4,650, the uptrend will continue in short-term.
Ethereum Price Action Analysis
Ethereum managed to remain above $4,500 and started a new uptrend. Furthermore, it surpassed the $4,600 and entered the green zone. Following that, ETH surpassed the $4,650 and the SMA100. In the meantime, it is worth noting ETH surpassed the resistance level for a downtrend at $4,560.
Ethereum broke through its weekly high at $4,700. The highest recorded price has been $4,774. As for now, it is having a price correction and has penetrated the 23.6% Fibonacci retracement level from the latest rise from $4,352 to $4,774.
The first resistance level is at $4,775 followed by $4,800. Surpassing these two would bring strong positive momentum to the uptrend. Following these levels, Ethereum can approach $5,000 and $5,200.
On the other hand, if ETH fails to surpass the $4,800, there could be a new downtrend. For that scenario, the first support level will be expected at $4,675 followed by $4,550. This level is near the 50% Fibonacci retracement level.
Dipping below the $4,550 support level, the downtrend will gain momentum. If that is the case, the price could once again reach for $4,400 and the SMA100.
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 60.
Resistance levels: for the bullish run, the $4,775 is absolutely necessary to surpass.
Support levels: at this point, the $4,550 is the crucial support level for ETH.
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