Ethereum price finally surpassed the $2,700. In case ETH manages to break through $2,800 we could expect further growth in short-term. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum price managed to surpass the $2,650 and $2,750.
- Currently, the price is above $2,700 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we see a new uptrend with support level at $2,650.
- In case of a successful break through from $2,800, the growth will continue.
Ethereum Price Action Analysis
ETH found its bottom at $2,650 and continued upwards. Subsequently, it surpassed the $2,750 resistance level and moved above the SMA100. At some point, the price even had a spike reaching above $2,800 and the highest recorded price is at $2,814. As of now, ETH is having a price correction and is below $2,800. Ethereum price has penetrated the 23.6% Fibonacci retracement level from the latest rise from $2,749 to $2,814.
For the 1-hour chart, we have a new uptrend with support level at $2,640. Currently, the price is above $2,700 and the 1-hour candles are above the SMA100.
The first resistance level is at $2,785 followed by $2,800. These levels are crucial for short-term growth. For the bullish scenario, the $2,850 and $2,920 are key resistance levels that would pave the way to reach $3,000.
On the other hand, if Ethereum price fails to surpass $2,800, there will be another price correction to follow. In that case, the first support level is at $2,735. The next support level will be $2,645 which is near the 50% Fibonacci retracement level from the latest rise. In case of losing the $2,645, Ethereum price would approach $2,550.
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 $2,800 is absolutely necessary to surpass.
Support levels: at this point, the $2,645 is the crucial support level for ETH.
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