Ethereum value lost the $3,120 support level during a bear run. The price at some point dipped below $3,000 and there is a chance of further decline. Here is a summary of Ethereum value in the past 24 hours:
- Ethereum value lost the $3,200 and $3,120 support levels
- Currently, the price is under $3,100 and the 1-hour candles are below the SMA100
- For the 1-hour chart, the triangle patter support in the bottom at $3,150 has failed to support the price
- If the price stabilizes below $3,000, the downward trend will likely continue
Ethereum value Price Action Analysis
Ethereum value failed to stabilize above $3,120 and broke the SMA100 and $3,050 support level.
For the 1-hour chart, the support for a triangle pattern at $3,150 failed to support ETH. The price at some point dipped below $3,000 and reached $2,950. As of now, Ethereum is trying to recover and reach for $3,000 once again.
Ethereum value is approaching the 23.6% Fibonacci retracement level (from the latest fall from $3,282 to $3,000). In that case, the first resistance level will be $3,075.
Following that, the next resistance level will be around $3,120 which is close to the 50% Fibonacci retracement level.
By successfully stabilizing above $3,100 and $3,120, there will be a new upward trend. In that case the next notable resistance level will be $3,200. Any further growth would bring the price close to the $3,330.
On the other hand, If Ethereum value fails to surpass the $3,100 and $3,120, the bear run will continue. For that scenario, we can expect the $2,950 to be the first support level. Breaking this crucial level would be followed by a bear run in short-term. Following that, the next support will be around $2,875. By losing it, the price could approach $2,600.
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 below 50.
Resistance levels: for the bullish run, the $3,120 will be crucial to surpass.
Support levels: at this point, the most important support level is $3,000.
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