Ethereum price finally started to recover and too back the $2,400. Currently, the price is growing but the $2,550 is a key level to surpass. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum is trying to surpass $2,500 and $2,550.
- Currently, ETH is below the $2,500 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we see a key resistance level at $2,500.
- In case ETH breaks through the $2,500, the bull action will continue.
Ethereum Price Action Analysis
ETH started to climb after getting support from the byers at $2,150. Following that, ETH managed to surpass $2,250 and $2,350. Subsequently, the price penetrated the 23.6% Fibonacci retracement level from the latest fall from $2,547 to $2,160. Looking at the 1-hour chart, we see a crucial resistance level for a downward trendline at $2,500.
As of now, the price is still below the $2,500 and the 1-hour candles are attempting to surpass the SMA100.
The first resistance level for ETH is at $2,500 followed closely by the $2,550. Surpassing these levels would bring some positive momentum to the chart. Following that, the price would approach $2,720 which is near the 50% Fibonacci retracement level. Stabilizing above $2,720 would bring positive momentum for ETH. The next key resistance level is at $2,850 which could pave the way to reach $3,000.
On the other hand, if Ethereum price fails to surpass $,2500, there would be another price correction to follow. In that case, the $2,42- will be the first support level followed by $2,320. Losing the $2,320 would be detrimental for ETH. The next support level is at $2,200 but it is likely that the buyer rise to support Ethereum at this level. Further decline can bring ETH down to $2,150.
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 $2,550 is absolutely necessary to surpass.
Support levels: at this point, the $2,230 is the crucial support level for ETH.
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