Ethereum price had a surge up to $4,440 yet failed to surpass the resistance level. In case ETH manages to stabilize above uptrend support level at $4,320, it could grow in short-term. Here is a summary of Ethereum price in the past 24 hours:
- ETH lost the $4,370 support level.
- Currently, the price is above $4,300 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we have a new uptrend with support level at $4,320.
- In case Ethereum manages to stabilize above the support level, the price could grow in short-term.
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Ethereum Price Action Analysis
Ethereum fell as low as $4,200 yesterday. Then, it went on to recover and surpassed the $4,250 and $4,320 resistance levels. At some point, it went above $4,400 and the highest recorded price is at $4,440. Yet again, a price correction followed.
As of now, Ethereum price is above $4,300 and the 1-hour candles are below the SMA100. For the 1-hour chart, we have a new uptrend with support level at $4,320. Right now, ETH is above the 23.6% Fibonacci retracement level from the latest rise from $3,956 to $4,440.
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The first resistance level is at $4,400 followed by $4,480. This level is near the resistance for the uptrend and breaking through it will bring positive momentum. Following that, we have $4,500 and $4,550. Further growth will bring the price closer to the $4,580 and $4,620 resistance levels.
On the other hand, if ETH fails to surpass the $4,400, there will be a new downtrend. In that case, the $4,320 will be the first support level. This level is the support for the uptrend and losing it would be detrimental. Next, we will have $4,220 and $4,200 to support the price. The $4,200 is near the 50% Fibonacci retracement level from the latest rise. Further decline can bring the price closer to the $4,150 and $4,050.
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 currently 56.
Resistance levels: for the bullish run, the $4,320 and $4,200 are absolutely necessary to surpass.
Support levels: at this point, the $4,480 is the crucial support level for ETH.
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