Ethereum Holds Key Support, What Could Spark A Fresh Rally

Ethereum faces resistance at the $4,600 level against the US dollar. In order to see a gradual increase in ETH’s value, it must remain at $4,450.

  • Ethereum has been consolidating over the critical $4,450 support area.
  • The current price of the stock is trading at above $4,500.
  • On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $4,600 (data feed via Kraken).
  • If the price is higher than the $4,450 level or the 100-hourly SMA, the pair can start a new rally.

Ethereum price attempts a fresh increase

Ethereum fell below the $4,000. Support level, but the bulls held the $4.450 area. ETH appears to have formed a base higher than the $4,450 level support and is gradually rising.

The price broke above the $4500 level, and the 100-hourly simple moving average. It cleared the 23.6% Fib level of the recent decline from the $4.780 swing high and low to $4.455 low. The price is consolidating at the $4,520 mark.

The $4,600 mark is the initial resistance. On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $4,600.

It is located near $4,620. The Fib level is close to the 50% Fib Retracement level, which marks the bottom of the recent fall from $4,780 swing highs to $4,455 lows. The price could rise further if it moves above $4,600 or $4,620.

Ethereum Price

Source: ETHUSD

Next is $4,705 as the major resistance. The price could rise towards the $4800 resistance zone if there are more gains.

It’s a New Day in ETH

It could begin a new decline if ethereum does not start an increase above $4620. Near the $4,500 level is initial support.

Near the $4,450 support level is currently the first major support. The recent low and the $4,450 level could cause a significant decline. The price could fall towards $4,320 in this scenario. Below that, the price may drop towards $4,000.

Technical Indicators

Minutely MACDIn the bullish zone, MACD is increasing in pace for USD/ETH.

Hourly RSIThe RSI of ETH/USD has risen to well above 50.

Major Support Level – $4,450

Major Resistance Level – $4,620

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