Ethereum price dipped below the triangle pattern and went as low as $4,320. However, buyers provided great support for ETH as it bounced back to go up to $4,570. In case of persistent support at $4,540, the price could grow in short-term. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum managed to surpass the $4,400, $4,450 and $4,500 resistance levels.
- Currently, ETH is above $4,500 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see the resistance level for a downtrend surpassed at $4,480.
- There is a new uptrend in the 1-hour chart with support level at $4,540.
- In case ETH manages to stabilize above the $4,540, the price could grow in short-term.
Ethereum Price Action Analysis
ETH failed to surpass the resistance level on top of the triangle. Subsequently, the price dipped and went below the pattern. At some point, Ethereum went below $4,400 support and the lowest recorded price was at $4,320.
By reaching this zone, the buyers took control and regained the $4,400 level. Following that, the price penetrated the 23.6% Fibonacci retracement level from the latest fall from $4,665 to $4,320. With that, ETH surpassed the $4,450 and $4,500 resistance levels. The $4,500 is near the 50% Fibonacci retracement level. For a while, the price moved beyond $4,540 and the highest recorded price is at $4,570.
Currently, ETH is above $4,500 and the 1-hour candles are above the SMA100. For the 1-hour chart, we see that the price has surpassed the resistance level of a downtrend. On the same chart, we have an important uptrend with support level at $4,540. As of now, Ethereum is ranging near the $4,540 and in case of stabilizing there, it could grow in short-term.
The first resistance level is at $4,580 followed by $4,600. Further growth could bring the value closer to the $4,630 to $4,650 zone. Breaking through these levels would bring strong bullish action for ETH.
On the other hand, if Ethereum fails to surpass the $4,580, there could potentially be a downtrend to follow. In that case, the first support level to expect is at $4,540 followed by $4,500. If these levels fail to hold the decline, the $4,480 is also coming next. Continuing in decline could bring ETH close to the $4,440 level.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a weak upward movement.
RSI: the relative strength index is at 64.
Resistance levels: for the bullish run, the $4,580 is absolutely necessary to surpass.
Support levels: at this point, the $4,540 and $4,500 are crucial support levels.
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