Ethereum price failed to surpass $3,370 and fell as low as $3,300. Currently, the price is consolidating near the support level for the trendline. In case ETH manages to stabilize above this support level, it could grow near the top of the channel. Here is a summary of Ethereum price in the past 24 hours:

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  • Ethereum lost the $3,330 support level
  • Currently, the price is above $3,300 and the 1-hour candles are trying to take back the SMA100.
  • For the 1-hour chart, we can see a crucial uptrend with support level at $3,300.
  • On the same chart, there is a triangle pattern with top and bottom at $3,370 and $3,300.
  • In case ETH remains above the support level, it could grow in short-term.

Ethereum Price Action Analysis

Ethereum price found support at $3,250 from buyers and surpassed the $3,300 and $3,330. By reaching a new high at $3,371, ETH went for a price correction and lost the $3,330. Subsequently, the price penetrated the 23.6% Fibonacci retracement level from the latest rise from $3,188 to $3,371. As of now, ETH is consolidating near the support level for the uptrend.

Currently, the price is above $3,300 and the 1-hour candles are trying to take back the SMA100. For the 1-hour chart, we see a new upward trendline with support level at $3,300. On the same chart, there is also a triangle pattern with top and bottom at $3,370 and $3,300.

The first resistance level for ETH is at $3,330 followed by $3,370. This level is near the top of the triangle and breaking it would bring positive momentum to the trend. The next resistance level is at $3,420 which is near the resistance level for the trendline. It is also likely that we have a pullback from this level to $3,370 on top of the triangle. However, if Ethereum manages to break through the $3,420, there could be a possible surge to follow.

On the other hand, if Ethereum price fails to surpass the $3,370, the price could approach the bottom of the channel. In which case, the first support level will be at $3,300. This level is near the support level for the trendline and losing it would be detrimental. The next support level is at $3,270 which is near the 50% Fibonacci retracement level. In a bearish scenario, the $3,250, $#,220 and $3,200 will be the following support levels for Ethereum.

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 currently 50.

Resistance levels: for the bullish run, the $3,370 and $3,420 are absolutely necessary to surpass.

Support levels: at this point, the $3,300 is the crucial support level for ETH.

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