Ethereum price surged all the way up to $4,400 before having a price correction. ETH must remain above $4,150 to start a new uptrend in short-term. Here is a summary of Ethereum price in the past 24 hours:
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- ETH surpassed the $4,200 and $4,250 resistance levels.
- Currently, the price is above $4,200 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see ETH escaped from top of a triangle pattern at $4,310.
- In case Ethereum manages to remain above $4,200 and the SMA100, we can expect short-term growth.
Ethereum Price Action Analysis
ETH bounced back from $4,000 and $4,150 and the price managed to surpass $4,200. With that, ETH managed to stabilize above the SMA100.
Following the uptrend, the price surpassed the $4,400 and the highest recorded price is at $4,426. As of now, ETH is having a correction and dipped below the $4,350 support level. Ethereum has penetrated the 23.6% Fibonacci retracement level from the latest rise from $3,901 to $4,426. However, the buyers seem to be ready at $4,250 and the SMA100. So far, the price is above $4,300.
For the 1-hour chart, we can see ETH surpassing the top of the triangle pattern at $4,310. The first resistance level is expected at $4,350 followed by $4,400 and $4,420. In case of surpassing the $4,420, the price could quickly approach $4,550.
On the other hand, if Ethereum price fails to surpass $4,350, the price could continue downwards. In that case, the first support level will be at $4,300. The primary support level however is expected to be $4,250 near the SMA100.
Dipping below $4,250 would bring strong momentum to the downtrend. The next breakdown support level is $4,150 near the 50% Fibonacci retracement level. Dipping below this level would likely bring the price down to $4,000.
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 currently above 50.
Resistance levels: for the bullish run, the $4,400 is absolutely necessary to surpass.
Support levels: at this point, the $4,250 is the crucial support level for ETH.
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