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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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TA: Ethereum Regains Strength, Indicators Suggest Fresh Run To $4,850

Aayush Jindal by Aayush Jindal
2 years ago
in ETH
Reading Time: 2 mins read

Ethereum started a fresh increase from the $4,500 zone against the US Dollar. ETH could extend upsides towards $4,850 unless it fails to stay above the 100 hourly SMA.

  • Ethereum started a fresh increase above the $4,600 and $4,700 levels.
  • The price is now trading above $4,650 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $4,630 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend gains above the $4,800 resistance zone in the near term.

Ethereum Price Eyes More Upsides

Ethereum formed a decent support base above the $4,500 level. As a result, ETH price started a fresh increase above the $4,600 resistance zone and the 100 hourly simple moving average.

There was a break above a major bearish trend line with resistance near $4,630 on the hourly chart of ETH/USD. The pair climbed above the $4,700 level, but it is now facing resistance near the $4,725 level.

Ether is now consolidating gains and trading near $4,700. It is also well above the 23.6% Fib retracement level of the upward move from the $4,520 swing low to $4,725 high. An immediate resistance on the upside is near the $4,725 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally. The next key resistance is near the $4,850 level. Any more gains could lead the price towards the $5,000 level in the near term.

Dips Supported in ETH?

If ethereum fails to climb above the $4,725 and $4,750 resistance levels, it could extend its downside correction. An initial support on the downside is near the $4,675 level.

The first major support is near the $4,650 level and the 100 hourly SMA. The next major support is near the $4,620 level. It is near the 50% Fib retracement level of the upward move from the $4,520 swing low to $4,725 high.  Any more downsides could lead the price towards the $4,550 support. The next major support for the bulls is near the $4,500 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,550

Major Resistance Level – $4,850

Tags: ethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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