Ethereum price failed to surpass the $4,500 and pivoted downwards. Currently, ETH is still above $4,150 and might make another attempt to bounce back. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum lost the $4,320 and $4,250 support levels in a price correction.
- Currently, the price is below $4,300 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a downtrend forming with resistance level at $4,300.
- In case of remaining above $4,150, there could be another bull run.
Ethereum Price Action Analysis
ETH failed to remain above $4,400 and had to move down. During the price correction, it lost the $4,320 and the downtrend continued.
Furthermore, the $4,250 and the SMA100 also failed to support the price. However, the buyers provided good support at $4,150. The lowest recorder price in the past few hours has been $4,152 and as of now, we can see signs of recovery. The $4,200 resistance level has been regained.
As of now, Ethereum price is above the 23.6% Fibonacci retracement level from the latest fall from $4,393 to $4,152. The first resistance level to expect is at $4,250.
Following that, the 50% Fibonacci retracement level is at $4,270. The SMA100 is also near this level. The next crucial resistance level will be at $4,300 which is also the resistance level for a newly formed downtrend.
In case of a successful breakthrough from $4,300, there could be a strong bull run coming. For that scenario, ETH will have an easy time reaching $4,400 and $4,550.
On the other hand, if Ethereum fails to surpass the $4,300 and $4,320, there will be a new downtrend. For that scenario, the first support level is at $4,200.
The next crucial support level is around $4,150 and losing it would be detrimental for the price. Respectively, the $4,100 and $4,000 will be next to support the price after that.
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 at 50.
Resistance levels: for the bullish run, the $4,300 is absolutely necessary to surpass.
Support levels: at this point, the $4,150 is the crucial support level.
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