Ethereum has initiated a further rise in the $ 4,500 area against the US dollar. ETH could rise to $ 4,850 unless it fails to stay above the 100 hour SMA.
- Ethereum has started a further rise above the $ 4,600 and $ 4,700 levels.
- The price is now trading above $ 4,650 and the 100 hour simple moving average.
- There was a break above a major downtrend line with resistance near $ 4,630 on the hourly ETH / USD chart (data feed via Kraken).
- The pair could extend its gains above the resistance zone of $ 4,800 in the near term.
Ethereum Price is considering more benefits
Ethereum has formed a decent base of support above the $ 4,500 level. As a result, the price of ETH started a further rise above the resistance area of $ 4,600 and the 100 hour simple moving average.
There was a break above a major downtrend line with resistance near $ 4,630 on the hourly ETH / USD chart. The pair broke through the $ 4,700 level, but is now facing resistance near the $ 4,725 level.
Ether is now consolidating its gains and trading at almost $ 4,700. It is also well above the 23.6% Fib retracement level of the move higher from the $ 4,520 low to $ 4,725. Immediate upside resistance is near the $ 4,725 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $ 4,750 level. A break above the $ 4,750 level could potentially trigger a new rally. The next key resistance is near the $ 4,850 level. Any further gain could drive the price towards the $ 5,000 level in the short term.
Dips supported in ETH?
If Ethereum fails to break above the resistance levels of $ 4,725 and $ 4,750, it could extend its correction to the downside. Initial bearish support is near the $ 4,675 level.
The first major support is near the $ 4,650 level and the 100 hour SMA. The next major support is near the $ 4,620 level. It is near the 50% Fib retracement level of the bullish move, moving from a low of $ 4,520 to a high of $ 4,725. Other drawbacks could drive the price towards the support of $ 4,550. 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 momentum 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
