ETH is closing in on $3,000 today. With a strong bullish trend, it managed to surpass $2,850 and $2,900 and we can expect further increase and reaching above $3,000. Here is a summary of ETH in the past 24 hours:
- In the 1-hour chart, ETH broke through the upward trendline and the triangle pattern from the top and closed in on $3,000.
- Currently, it is below $3,000 and the 1-hour candles are well above the SMA100.
- For the 1-hour chart, we have a new bullish run. The support and resistance levels for this are $2,850 and $2,990.
- In case of breaking the resistance level of the upward trendline, we should expect further growth.
ETH Price Action Analysis
Following a downward trend, ETH was supported at the bottom of the triangle patter (at $2,720 zone). Therefore, it started a new bullish trend and managed to surpass the resistance level at the top of the triangle (around $2,850).
As expected, the price had a pullback following the rise, yet it started another bull run after the slight hiccup. During the rise, it broke the $2,900 resistance and climbed as high as $2,990. The upward trend will likely continue.
We can see two new patterns in the 1-hour chart. First, an upward trend with support and resistance at $2,80 and $2,990. Second, there is a new triangle patter with support and resistance respectively at $2,950 and $2,990.
By breaking the $2,990 resistance zone, ETH could go as high as $3,200. In that case, after the $3,000 resistance level, the $3,160 will be next. Any more increase could get ETH closer to $3,220 zone.
On the other hand, if ETH fails to surpass $3,000, the price will pivot downwards. As for this case, the first support will be near the bottom of the triangle at the $2,950 zone. Breaking through the bottom in this case means further decline toward $2,850 zone.
The $2,850 support level is near the bottom of the price channel in the 1-hour chart. Also, it is near the 50% Fibonacci retracement level form the latest growth. In case of breaking the $2,850 support, we should expect more decrease in price. This scenario could bring the price closer to the SMA100 and the $2,600 zone. It would be possible that by hitting the SMA100, the bearish trend would stop.
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 below 70.
Resistance levels: for the bullish run, the $3,000 will be crucial to surpass.
Support levels: the $2,950, $2,900 and $2,850 are important support levels to consider.
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