Ethereum price had a sharp fall after losing the $3,200 support level. The price fell as low as $2,807 and is currently trying to reach back up. Here is a summary of Ethereum price in the past 24 hours:
- ETH started a new downward trend and dipped below the $3,300 and $3,200 support levels.
- Currently, the price is below $3,200 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, there is a new downward trend with resistance level at $3,050.
- In case ETH surpasses the $3,050, the price could climb back up.
Ethereum Price Action Analysis
ETH had a strong bearish trend starting from $3,500. During this run, it lost many of the support levels around $3,300 and wen below the SMA100.
The sellers took control below $3,200 and with a spike, ETH reached below $3,000. The lowest recorder price in the past few hours has been $2,807. ETH is now trying to compensate for the loss and it has surpassed $2,920 and $2,950.
Ethereum has reached the 23.6% Fibonacci retracement level from the latest fall from $3,455 to $2,080. The first resistance level is at $3,020. In the 1-hour chart, we see an important downward trend with support at $3,020.
In case ETH manages to surpass the $3,020 and $3,050 levels, there will be a new upward trend. The next crucial resistance level is at $3,130 near the 50% Fibonacci retracement level. Breaking this level is required for having another bullish run. Following that, the $3,300 is the next resistance level to follow.
On the other hand, if Ethereum fails to surpass the $3,020 and $3,050, the bearish trend will likely continue. The price will approach $2,800 at that point. The next notable support level is at $2,800 followed by $2,750. Losing these two means that ETH will go further down.
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, ETH is bound to break through the $3,050 resistance level.
Support levels: at this point, the $2,960 is the crucial support level.
If you are looking to exchange your Ethereum into Webmoney, Perfect money or PayPal, or even buy Ethereum, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And for the latest opinion articles, technical analysis and news, stay right here.