Ethereum price had a rally reaching all the way up to $1,550. Currently, ETH is having a correction but will likely find support at $1,460. Here is a summary of Ethereum price in the past 24 hours:
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- The recent rally gained momentum while ETH surpassed $1,550.
- Currently, the price is over $1,500 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a new uptrend forming with support level at $1,420.
- In case Ethereum surpassed $1,600, the uptrend will continue.
Ethereum Price Action Analysis
ETH found some positive momentum by breaking through $1,350 and $1,400. Subsequently, it surpassed $1,500 and entered a green zone. At some point, it even managed to surpass $$1,550 and stabilized above the SMA100. The price even had a spike going above $1,600 and recorded a high of $1,633. Currently, ETH is having a correction and is ranging below the $1,600 support level.
The price dipped below the 23.6% Fibonacci retracement level from the latest rise from $1,327 to $1,633. Despite that, there strong support for ETH near $1,460. On the 1-hour chart, we see a new uptrend forming with support level at $1,420.
The first resistance level for Ethereum is at $1,530 followed closely by $1,550. Surpassing this level can bring upward momentum to the uptrend. After that, the $1,620 and $1,700 will be the next resistance levels for Ethereum.
On the other hand, if Ethereum price fails to surpass $1,550, there will be a new downtrend.
In which case, the $1,480 will be the first support level for the price followed by $1,460. This level is near the 50% Fibonacci retracement level from the latest rise. Further decline can bring ETH below the trendline. For this scenario, the $1,360 and the SMA100 are the next support levels for ETH.
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 50.
Resistance levels: for the bullish run, the $1,550 is absolutely necessary to surpass.
Support levels: at this point, the $1,420 is the crucial support level for ETH.
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