Ethereum price managed to break the resistance level yesterday and start a new upward trend. By escaping through the top part of the triangle, the price could keep going up in short-term. Here is a summary of Ethereum price in the past 24 hours:
- ETH broke through the $3,250 to $3,300 zone.
- Currently, Ethereum price is below $3,400 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, there is a new triangle pattern with resistance at around $3,335.
- By surpassing $3,335, Ethereum can grow further.
Ethereum Price Action Analysis
Yesterday, Ethereum managed to break an important resistance level for a downward trend at $3,250. Following that, the $3,300 resistance also failed to hold ETH down. However, the $3,335 resistance finally stopped the climb and ETH had to back down. Subsequently, Ethereum price dipped down to $3,230. However, it did bounce back to adjust and went all the way up to $3,335 again.
Currently, ETH is below $3,400 and the 1-hour candles are below the SMA100. For the 1-hour chart, there is a new triangle pattern with resistance and support levels at $3,335 and $3,250.
As of now, ETH is hovering around the resistance level and is trying to break the $3,335. In case it successfully surpasses this point, the price could grow in short-term. Following that, the next resistance level will be at $3,360 near the 50% Fibonacci retracement level. Further growth can bring the price closer to the $3,370 to $3,400. At that point the $3,450 and then $3,500 will be the next resistance levels to follow.
On the other hand, if ETH fails to surpass the $3,335 and $3,360, there will be a new downward trend. For that scenario, the first support level will be the $3,250 at the bottom of the triangle. Dipping below this point will bring momentum to the price correction. The next support level is $3,200 and further decline could bring the price to $3,160. Following that, the $3,140, $3,080 and $3,000 will be the next support levels to follow.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on an upward movement.
RSI: the relative strength index is 55.
Resistance levels: for the bullish run, the $3,335 will be crucial to surpass.
Support levels: at this point, the $3,250, $3,200 and $3,160 are crucial support levels.
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