Ethereum price reached an ATH above $4,800 before having a price correction. In case ETH manages to stabilize above the $4,650, there could be a new uptrend. Here is a summary of Ethereum price in the past 24 hours:
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- ETH lost the $4,750 and $4,700 support levels.
- Currently, the price is over $4,650 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, ETH has dipped below the support level of an upward trendline.
- By remaining above $4,650, there could be a new uptrend.
Ethereum Price Action Analysis
Yesterday, Ethereum price surpassed the $4,650 and $4,700. At some point, the price went above $4,750 and the SMA100.
By shooting higher than $4,800, ETH reached a new ATH of $4,839 before having a price correction and losing $4,750. Furthermore, at $4,800, ETH lost the support level for an upward trend. The price reached the 23.6% Fibonacci retracement level from the latest rise from $4,346 to $4,839. As of now, the price is still above $4,650 and the 1-hour candles are above the SMA100.
The first resistance level is expected at $4,720 followed by $4,750. Moving beyond these levels could form a new uptrend. The next resistance level is at $4,800. Further growth can finally bring the price to $5,000 in short-term.
On the other hand, if Ethereum fails to surpass the $4,720, the downtrend will likely continue. In that case, the first support level is at $4,680 and the SMA100.
The next crucial support level is around $4,600 which is near the 505% Fibonacci retracement level from the latest rise. Further decline can bring ETH closer to $4,540. The next important support level is $4,460.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a weak downward movement.
RSI: the relative strength index is below 50.
Resistance levels: for the bullish run, the $4,750 is absolutely necessary to surpass.
Support levels: at this point, the $4,650 is the crucial support level for ETH.
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