The Ethereum price increased by $4,500 against the US Dollar. ETH may increase to $4,850 if it does not exceed the 100 hourly SMA.
- Ethereum experienced a significant increase in value above and beyond the previous $4,600, $4,700, levels.
- The current price trades above $4,650 as well as the simple 100-hour moving average.
- On the hourly chart of Ethereum/USD, there was an upward movement above the main bearish trend line. Resistance is near $4630. (Data feed via Kraken).
- In the short term, the pair may extend gains beyond the $4800 resistance zone.
Ethereum Price Sees More Positives
Ethereum formed an adequate support base at the $4,000.500 level. ETH’s price rose to above the $4,000. resistance level and the 100 hourly simple moving mean.
The hourly chart for ETH/USD showed a breakout above the major bearish trendline with resistance at $4,630. While the pair has reached the $4700 mark, resistance is near $4725 at the moment.
Ether continues to consolidate gains and trades at around $4,700. This is also above the 23.6% Fib level for the upward movement from the $4.520 swing low to the $4.725 high. Near the $4,725 threshold is immediate resistance.
Source: TradingView.com, ETHUSD
Near the $4,750 mark is the next significant resistance. A breakout above the $4750 level could trigger a new rally. Next is $4,850. In the short term, any further gains may push the price to the $5,000 mark.
What are the Dips in ETH Supported?
It could continue its downward correction if it fails to rise above the resistance levels of $4,725 or $4,750. Initial support is at the $4,675 mark.
It is located near the $4650 level, and close to the 100 hourly SMA. Near the $4620 level is the next support. The Fib level is close to the 50% fib retracement of the upward movement from $4,520 low to $4.725 high. Price could move towards $4,550 support if it experiences more downturns. Near the $4,500 support level is the next significant support for bulls.
Indicators of technical importance
Minutely MACD – Slowly, the MACD for USD/ETH is losing momentum in bullish territory.
Hourly RSI – The RSI is well over 50 for USD/ETH.
Major Support Level – $4,550
Major Resistance Level – $4,850
