Ethereum’s price has been on a steady incline, starting above $4,650 and showing signs of consolidation as it aims to break through the $4,750 resistance level. The cryptocurrency has seen a gain of over 10% recently, following a pattern similar to Bitcoin’s upward trend.
Maintaining stability above $4,500, Ethereum made a notable move above $4,620 and $4,750 resistance levels. The price surged to $4,759 before seeing a slight correction. Despite this, Ethereum is still trading above $4,550 and the 100-hourly Simple Moving Average, indicating a bullish trend.
A key bullish trend line has formed with support at $4,550 on the hourly chart of ETH/USD. If Ethereum manages to settle above $4,720 and $4,750, it could continue its upward trajectory. The next major resistance levels to watch out for are $4,780 and $4,840. A breakthrough above these levels could lead to further gains towards $4,880 or even $4,920 in the near future.
However, if Ethereum struggles to surpass the $4,750 resistance, a pullback may occur. Initial support is seen around the $4,615 level, followed by the $4,550 zone and the trend line. A break below $4,550 could lead to a drop towards $4,500 and potentially $4,420. The next significant support level lies at $4,350.
From a technical standpoint, the hourly MACD for ETH/USD is showing bullish momentum, while the hourly RSI is above the 50 zone, indicating strength in the current uptrend.
In conclusion, Ethereum’s price is showing signs of strength and resilience as it aims to break through key resistance levels. Traders and investors should keep a close eye on the $4,750 resistance and the support levels mentioned above to gauge the cryptocurrency’s next moves.