Ethereum’s price has started to rise again above $4,650. ETH consolidates its gains now and may find buyers near the $4.550 support.
- Ethereum has started to move upwards again and reached a new high.
- Price is above the Simple Moving Average of 100 hours and $4,550.
- A break was seen below the rising channel, with a support of $4.750 in the chart for ETH/USD hourly (data from Kraken).
- This pair may start a new increase, unless the price falls below $4.550 within the next few months.
Ethereum Price Retains Traction
Ethereum price formed a base It increased its rate of increase to above $4,550. Bitcoin. ETH gained momentum to move past the $4.650 and $4.720 levels.
Bulls even drove the price above $4,900 to reach a new record high. At $4,956, a new high was established and recently the price began a downward correction. The price moved below the level of 23.6% Fib of the upswing from the low swing at $4.207 to $4.956.
On the hourly chart for ETH/USD there was also a breakout below a channel rising with support of $4,750. Ethereum is currently trading at $4,550 above the Simple Moving Average (100-hourly) and over that price.
The price may face resistance on the upside near $4,820. Near the $4.850 level, we have our next major resistance. The $4,920 mark is the first significant resistance. The price could be sent to the $4.950 resistance if the market moves clear above the $4.920 level.
If Ether breaks above the $4.950 resistance, it could see more gains in future sessions. Ether might rise towards the $5,000 or $5,150 resistance zones in the near future.
What’s the Latest on ETH?
Ethereum may continue its downward trend if the resistance level of $4,820 is not overcome. The initial support for the downside lies near $4,680. First major support is near $4,580 and 50% Fib level. This represents the uptrend from $4,207 low swing to $4,956 peak.
If the price falls below $4,580, it could push toward $4.550. Any further declines could send the price to the $4,440 resistance level. The next important support level is $4,320.
Technical Indicators
The Hourly MACD – The MACD (for ETH/USD) is losing its momentum in the bullish area.
Hourly RSI – The RSI value for ETH/USD now exceeds the 50-zone.
Major Support Level – $4,580
Major Resistance Level – $4,820
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Source: www.newsbtc.com
