Ethereum Price Analysis: Bullish marubozu directs ETH buyers to previous support around $1,640

ETH/USD stays on the front-foot while bouncing back beyond 50-day SMA.
Bullish candlestick formation, RSI recovery weighs on bearish MACD to back the bulls.
Key Fibonacci retracement levels raise bars for bear’s entry.

Ethereum keeps the month-start run-up while taking the bids near $1,560 during the initial trading on Tuesday. In doing so, the quote prints a ‘bullish marubozu’ candlestick on the daily (D1) chart.

Other than the bullish candlestick formation, RSI pick-up and the quote’s sustained break above 50-day SMA also favors the ETH/USD buyers.

As a result, an upward sloping trend line from December 23, 2020, previous support, near $1,640-45 lures the immediate upside momentum.

It should, however, be noted that eh altcoin’s upside past-$1,645 will be challenged by 23.6% Fibonacci retracement of late-2020 to February 20, 2021 upside, around $1,690.

In a case where the ETH/USD buyers fade momentum, a 50% Fibonacci retracement level of $1,298 becomes the key as it holds the gate for short-term sellers.

Following that, the 61.8% of Fibonacci retracement close to $1,125 and the $1,000 threshold will gain the market’s attention.

Overall, ETH/USD flashed is ready to challenge the previous downtrend but the bulls should remain cautious until witnessing a clear break of the earlier support line.

ETH/USD daily chart

Trend: Bullish

additional important levels

Overview
Today last price	1560.49
Today Daily Change	138.47
Today Daily Change %	9.74%
Today daily open	1422.02

Trends
Daily SMA20	1736.16
Daily SMA50	1506.83
Daily SMA100	1098.83
Daily SMA200	746.67

Levels
Previous Daily High	1469.96
Previous Daily Low	1292.76
Previous Weekly High	1976.72
Previous Weekly Low	1367.36
Previous Monthly High	2041.42
Previous Monthly Low	1271.31
Daily Fibonacci 38.2%	1360.45
Daily Fibonacci 61.8%	1402.27
Daily Pivot Point S1	1319.87
Daily Pivot Point S2	1217.71
Daily Pivot Point S3	1142.67
Daily Pivot Point R1	1497.07
Daily Pivot Point R2	1572.11
Daily Pivot Point R3	1674.27

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