Ethereum Recovers Losses, Why ETH Could Aim A Test of $5K

Ethereum gained back its losses, and traded at $4,700 above the US dollar. For Ethereum to move toward the $5,000 threshold, it must overcome the $4,850 resistance.

  • Ethereum saw a new increase over the $4,650- and $4,700 levels.
  • The current price of the stock is trading at $4,700 above its simple moving average (100 hours per hour).
  • A key channel of rising support is emerging with support at $4,735 (data feed via Kraken).
  • If the pair remains above $4,650, it could begin a new increase.

Ethereum price eyes more upsides

Following a sharp drop, Ethereum was able to find support around the $4,450 area. After a steep decline, Ethereum price found support near the $4450 level and launched a new increase over the $4600 resistance.

The price managed to surpass the 61.8% Fib Retracement level from the key drop of $4,865 to $4.452 high. The price broke above the resistance levels of $4,650, $4,700, and $5,700. The Ether price now trades above the $4,700 resistance level and the 100-hourly simple moving average.

On the hourly chart for ETH/USD, there’s a rising channel with support at $4,735 A resistance level near $4,800 is the first to the upside.

Ethereum Price

Source: ETHUSD

Near the $4,850 mark is the next significant resistance. The price could rise sharply if it crosses the $4,850 mark. The price could rise to $5,000 in the above scenario. Additional gains can push the price up to $5,200.

Dips Limited to ETH

Ethereum could experience a sharp correction if it fails to rise above the resistance levels of $4,800/4,850. Support for the downside lies near the $4720 level.

Near the channel trend line and $4,700 is the initial key support. The price could fall below $4,700 if it breaks below that support. Nearly $4,550 is the next support.

Technical Indicators

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

Hourly RSIThe RSI is close to 50 for USD/ETH.

Major Support Level – $4,650

Major Resistance Level – $4,850

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