Ethereum price finally managed to stabilize above $1000. It is likely for ETH to surpass $1,150. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum managed to regain the $1,080 and $1,100 levels.
- Currently, the price is above $1,100 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see ETH breaking a key resistance level on a downtrend at $1,075.
- In case ETH breaks through $1,150, the uptrend will continue.
Ethereum Price Action Analysis
Ethereum stabilized above $1,000 and subsequently continued upwards with a new found bottom. With that, it surpassed $1,070 which is a key resistance level on a downtrend in the 1-hour chart. At some point, the price touched the 61.8% Fibonacci retracement level from the latest fall from $1,235 to $997. The highest recorded price in the past 24 hours has been $1,158 when the 1-hour candles moved above the SMA100. Currently, the price is hovering above the 23.6% Fibonacci retracement level from the latest rise from $1,025 to $1,158.
The first resistance level for Ethereum is the $1,150 followed closely by $1,180. Surpassing this zone would bring Ethereum price closer to $1,200. In which case, ETH would approach $1,250. Further growth would bring ETH closer to the key resistance level at $1,300.
On the other hand, if Ethereum price fails to surpass $1,150, there will be a new downtrend. For this scenario, the $1,125 will be the first support level followed by $1,090 on the SMA100. This level is near the 50% Fibonacci retracement level from the latest rise. In case of losing the $1,090, there will be strong selling pressure. The next support level will be $1,060.
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 $1,150 is absolutely necessary to surpass.
Support levels: at this point, the $1,125 is the crucial support level for ETH.
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