Ethereum price managed to regain the $3,400 and $3,500 on a path of recovery. Currently, the price is trying to surpass $3,600. In case it fails, there will be a new downward trend. Here is a summary of Ethereum price in the past 24 hours:
- Ethereum managed to recover lost ground after a sharp fall to $2,900.
- Currently, ETH is below $3,600 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, Ethereum broke the resistance level for an important downward trend.
- As long as Ethereum price is below $3,600, the price could collapse again.
Ethereum Price Action Analysis
Ethereum lost the crucial support levels of $3,400 and $3,500 in a sharp plunge. At some point, the price dipped below $3,000 and the 1-hour candles went below SMA100. ETH briefly touched the $2,900 and finally managed to bounce back.
Subsequently, Ethereum price surpassed the $3,300 and $3,400 resistance levels and went beyond $3,500. For the 1-hour chart, ETH has broken the resistance level for an important downward trend.
Putting that aside, it seems that the sellers are defending the $3,600. The highest recorded price for ETH has been $3,561 and after that the price set on a slow decline. As of now, Ethereum is under $3,600 and the 1-hour candles are below the SMA100.
Ethereum price has penetrated the 23.6% Fibonacci retracement level from the latest rise from $3,218 to $3,561. Right now, ETH is touching the broken trendline around $3,440. The first resistance level is expected to be at $3,500.
Following that, we have a crucial resistance level at $3,560. Failure at this point as well as the $3,600 would bring momentum to the bearish trend. The next notable resistance level is at $3,680.
On the other hand, if ETH fails to surpass $3,500 and $3,560, there will likely be a new downward trend. With that, the first support level will be at $3,400.
The $3,380 will be the next support level near the 50% Fibonacci retracement level from the latest rise. The main support is near $3,335 and then $3,200.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on an upward movement.
RSI: the relative strength index is above 50.
Resistance levels: for the bullish run, the $3,500 will be crucial to surpass.
Support levels: at this point, the most important support level is $3,350.
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