Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum price started a steady increase above $4,650. ETH is now consolidating and might aim for more gains if it clears the $4,750 resistance.
- Ethereum remained stable above $4,500 and started a fresh upward move.
- The price is trading above $4,550 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $4,550 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it settles above $4,720 and $4,750.
Ethereum Price Gains Over 10%
Ethereum price remained supported above the $4,400 level and started a fresh increase, like Bitcoin. ETH price was able to climb above the $4,500 and $4,620 resistance levels.
The price even spiked toward $4,750 and might continue to rise. A high is formed at $4,759 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the recent upward move from the $4,472 swing low to the $4,759 high.
Ethereum price is now trading above $4,550 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $4,550 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $4,720 level. The next key resistance is near the $4,750 level. The first major resistance is near the $4,780 level. A clear move above the $4,780 resistance might send the price toward the $4,840 resistance. An upside break above the $4,840 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,880 resistance zone or even $4,920 in the near term.
Pullback In ETH?
If Ethereum fails to clear the $4,750 resistance, it could start a fresh decline. Initial support on the downside is near the $4,615 level and the 50% Fib retracement level of the recent upward move from the $4,472 swing low to the $4,759 high. The first major support sits near the $4,550 zone and the trend line.
A clear move below the $4,550 support might push the price toward the $4,500 support. Any more losses might send the price toward the $4,420 region in the near term. The next key support sits at $4,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $4,550
Major Resistance Level – $4,750
