Ethereum price continued the bullish run up to $3,470 and set for a price correction. In case ETH manages to stabilize above the support level of the uptrend, further growth is expected. You can follow up on previous Ethereum price analysis articles on the Blog. Here is a summary of Ethereum price in the past 24 hours:
- ETH surpassed the $3,350, $3,400 and $3,440 resistance levels.
- Currently, the price is over $3,400 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, there is a new upward trend with support level at $3,360.
- In case Ethereum stabilizes above the crucial support level, there could be further growth in short-term.
Ethereum Price Action Analysis
Following yesterday’s slight price correction, ETH continued upward. During that bull run, the price surpassed the $3,350, $3,400 and $3,440 resistance levels. At some point, Ethereum went above $3,340 and touched $3,470 but had to stop and go for a correction.
As of now, the price is still above $3,400 and the 1-hour candles are above the SMA100. For the 1-hour chart, we can see a new uptrend with support and resistance levels at $3,360 and $3,560.
The first resistance level is at $3,460. Breaking through this level means the $3,480 and $3,530 will be the next resistance levels to follow. Following them, the $3,560 is the resistance level for the upward trend. Surpassing this level is crucial for further growth. In case of a successful breakthrough, ETH could approach $3,590 and $3,620 as the next resistance level is at $3,660.
On the other hand, if ETH fails to surpass the $3,470, there will be a new downtrend. In that scenario, the very first support level is at $3,360. This level is near the support level for the upward trend and losing it would bring the price down. Following that, the $3,320 will be next in line to support the price. This level is located near the 23.6% Fibonacci retracement level. Then, the $3,260 and $3,200 will support the price. Further decline can bring ETH closer to $3,165 and $3,150. The $3,150 is near the 50% Fibonacci retracement level from the latest rise.
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 above 59.
Resistance levels: for the bullish run, the $3,560 is absolutely necessary to surpass.
Support levels: at this point, the $3.360 to $3,350 is the crucial support level.
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