Ethereum Price had a good support at $2,740 on September 26 and started a new bullish run. It managed to surpass $3,000 and reach $3,170 today. However, ETH failed to break through this point and went for a price correction. The price lost the $3,050 and $3,000 support levels and fell as low as $2,880. Once again, by having a somewhat successful support, it set path for recovery and is currently around $2,900. Let’s read more about Ethereum Price analysis on today’s article.
Ethereum Price Action Analysis
Taking a look at the 1-hour chart, we see ETH having a strong base at $2,700. On Sunday, the buyers strongly supported Ethereum price at $2,740 and it managed to climb back to $3,160. Unfortunately, at this level ETH once again faced hard resistance and had to back down. During the price correction, ETH lost the $3,050, and then the $3,000 to $2,990 zone near the SAM100 and dipped to $2,880 today. By reaching the trendline however, it found the needed support to stop the decline.
Following that, Ethereum bounced back and is currently faced with the downward trendline at $2,930. By successfully breaking through this level, Ethereum can turn bullish once again. For this scenario, the $2,960 near the SMA100 is the next resistance level for the price. Going above this level would bring $3,020 and $3,050 as the next resistance levels followed by $3,160.
On the other hand, if ETH fails to surpass the $2,930 and loses the $2,880 support level, we can expect further downtrend. For the bearish scenario, the $2,850, $2,800 and then $2,700 are the following support levels to expect.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is regaining the upward movement.
RSI: the relative strength index is above 43.
Resistance levels: for the bullish run, the $2,930 will be crucial to surpass. Then, the $3,000 and $3,020 will follow.
Support levels: at this point, the $2,880 and $2,800 are crucial support levels.
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