Ethereum Price continued the downtrend and reached $4,100 and even had a spike to $4,000. Currently, it is trying to recover and for a bull run, the price has to surpass $4,175. Here is a summary of Ethereum price in the past 24 hours:
- Ethereum lost the $4,200 and $4,175 support levels
- Currently, the price is above $4,050 and the 1-hour candles are above the SMA100
- For the 1-hour chart, we can see an upward trend forming with support at around $4,000.
- By surpassing the $$,175 and $4,200 we can expect another bull run
Ethereum Price Action Analysis
The decline began from $4,400 and the price went below $4,200 and the SMA100.
At some point, Ethereum went below $4,000 and the lowest recorder price in the past few hours has been $3,964. Following that, in an effort to recover, the ETH regained the $4,050 resistance level and the SMA100.
The price went above $4,100 but is currently facing the $4,175 and $4,200 barriers. As of now, the highest recorded price is at $4,155 before a new price correction. The first support level is at $4,100. This level is near the 23.6% Fibonacci retracement level from the latest rise from $3,964 to $4,155.
For the 1-hour chart, we can see a new uptrend with support at $4,000. The first resistance level is at $4,175 followed by $4,200. These two are crucial to break in order to continue upward. In that case, Ethereum price is likely to approach $4,250. Further growth can bring ETH closer to $4,320.
On the other hand, if Ethereum fails to surpass the $4,175 and $4,200, there will be a new downward trend. In which case, the first support level is at $4,080.
The next crucial support is at $4,050 which is near the 505% Fibonacci retracement level from the latest rise. The primary support will be at $4,000. Further decline can bring ETH near the $3,920.
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 above 50.
Resistance levels: for the bullish run, the $4,200 is absolutely necessary to surpass.
Support levels: at this point, the $4,000 is the crucial support level.
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