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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