Ethereum Rallies 5%, Why ETH Could Surge To New ATH Above $5K

Ethereum gained speed above the resistance of $4,550 against the US Dollar. ETH currently trades at $4,700. This could increase in the future.

  • Ethereum trades in a bullish zone higher than the $4,550 mark.
  • Now, the price has risen to $4650.
  • The hourly chart for ETH/USD showed a break above the major ascending channel, with resistance at $4,560 (data feed via Kraken).
  • If the pair remains above $4,650 in the short term, it could go higher.

Ethereum Price Ralliances Above $4,700

Ethereum was stable at the $4,500 mark and began a new increase. ETH crossed the $4600 threshold to enter a bullish zone.

Clear breaks occurred above $4,650 and the 100-hourly simple moving average. A breakout was seen above an ascending channel that had resistance close to $4,560, on the hourly chart of Ethereum/USD.

It reached a multi-week peak above $4,700. The pair traded at $4,774 but is now correcting lower. It trades above the 23.6% Fib level of the upward movement from the $4.352 swing low and high to the $4.774 high.

Ethereum Price

Source: ETHUSD

Near the $4,775 area is the first resistance. The $4,800 level is where the initial resistance will be found. In the short term, a close above the $4775 or $4800 levels may signal a new increase. The price could rise to $5,000 in the above scenario. In the short term, any additional gains may push the price to the $5,000.

Dips Limited in Ethereum?

If ethereum does not start an increase above $4,800, then it may start a downtrend. Near the $4,675 mark is the initial support. Near the $4,550 mark is the first support.

The Fib level for the upward movement from $4,352 swing lows to $4,774 highs is close to 50%. The price could plunge further if it breaks below the $4550 support zone. If this is the case, then the price could revert to the $4.400 support zone or the simple 100 hour moving average.

Technical Indicators

Minutely MACDIn the bullish zone, the MACD of ETH/USD has been losing momentum.

Hourly RSIThe RSI of ETH/USD has now corrected towards the 60 level.

Major Support Level – $4,550

Major Resistance Level – $4,775

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