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.
Source: TradingView.com 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 MACD – In the bullish zone, the MACD of ETH/USD has been losing momentum.
Hourly RSI – The RSI is close to 50 for USD/ETH.
Major Support Level – $4,650
Major Resistance Level – $4,850
