Ethereum price failed to surpass the $4,500 and pivoted downwards. Currently, ETH is still above $4,150 and might make another attempt to bounce back. Here is a summary of Ethereum price in the past 24 hours:

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  • Ethereum lost the $4,320 and $4,250 support levels in a price correction.
  • Currently, the price is below $4,300 and the 1-hour candles are below the SMA100.
  • For the 1-hour chart, we can see a downtrend forming with resistance level at $4,300.
  • In case of remaining above $4,150, there could be another bull run.

Ethereum Price Action Analysis

ETH failed to remain above $4,400 and had to move down. During the price correction, it lost the $4,320 and the downtrend continued.

Furthermore, the $4,250 and the SMA100 also failed to support the price. However, the buyers provided good support at $4,150. The lowest recorder price in the past few hours has been $4,152 and as of now, we can see signs of recovery. The $4,200 resistance level has been regained.

As of now, Ethereum price is above the 23.6% Fibonacci retracement level from the latest fall from $4,393 to $4,152. The first resistance level to expect is at $4,250.

Following that, the 50% Fibonacci retracement level is at $4,270. The SMA100 is also near this level. The next crucial resistance level will be at $4,300 which is also the resistance level for a newly formed downtrend.

In case of a successful breakthrough from $4,300, there could be a strong bull run coming. For that scenario, ETH will have an easy time reaching $4,400 and $4,550.

On the other hand, if Ethereum fails to surpass the $4,300 and $4,320, there will be a new downtrend. For that scenario, the first support level is at $4,200.

The next crucial support level is around $4,150 and losing it would be detrimental for the price. Respectively, the $4,100 and $4,000 will be next to support the price after that.

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 at 50.

Resistance levels: for the bullish run, the $4,300 is absolutely necessary to surpass.

Support levels: at this point, the $4,150 is the crucial support level.

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