Ethereum price hit a week’s high at $3,250. Currently, ETH is having price correction but it is likely that the buyers support it at $3,150. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum had a spike above $3,250 before having a price correction.
- Currently, the price is above $3,150 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we have a new uptrend with support level at $3,150.
- Ethereum must stabilize its position above $3,150 in order to have another short-term rally.
Ethereum Price Action Analysis
Ethereum continued upwards and moved above the $3,200. At some point, the price went above $3,250 and settled above the SMA100. The highest recorded ETH price for the past few hours is at $3,272 before a price correction. For the time being, ETH is below $3,200 and the price has penetrated the 23.6% Fibonacci retracement level from the latest rise from $3,028 to $3,272. However, ETH is still above $3,150 and the 1-hour candles are above the SMA100. Furthermore, we have a new uptrend on the 1-hour chart with support level at $3,150.
The first resistance level for Ethereum price is at $3,220 followed by another key level at $3,250. In case Ethereum surpasses $3,250, there could be a new uptrend. In that case, the price could break through $3,280 and $3,300. The next key resistance level will be at $3,400.
On the other hand, if Ethereum price fails to surpass $3,250, there will be a new downtrend to follow. For this scenario, the $3,150 will be the first support level. Also, this level is located near the 50% Fibonacci retracement level. Losing this level would bring ETH down to the SMA100. The next crucial support level is at $3,050 and losing it would be detrimental for Ethereum.
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 currently below 50.
Resistance levels: for the bullish run, the $3,250 is absolutely necessary to surpass.
Support levels: at this point, the $3,150 is the crucial support level for ETH.
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