Ethereum recovered losses and climbed above $4,700 against the US Dollar. ETH must clear the $4,850 resistance for a move towards the $5,000 level.
Ethereum Price Eyes More Upsides
Ethereum found support near the $4,450 level after a sharp decline. ETH price formed a base and started a fresh increase above the $4,600 resistance.
The price was able to clear the 61.8% Fib retracement level of the last key decline from the $4,865 high to $4,452 low. There was a break above the $4,650 and $4,700 resistance levels. Ether price is now trading above $4,700 and the 100 hourly simple moving average.
Besides, there is a key rising channel forming with support near $4,735 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,800 level.
Source: ETHUSD on TradingView.com
The next major resistance is near the $4,850 level. A close above the $4,850 level could spark a sharp increase in the near term. In the stated case, the price might rise towards the $5,000 level. Any more gains could lift the price towards the next key hurdle at $5,200.
Dips Limited in ETH?
If ethereum fails to continue higher above the $4,800 and $4,850 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,720 level.
The first key support is now forming near the $4,700 level and the channel trend line. A downside break below the $4,700 support might push the price below the $4,650 support. The next key support is near $4,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $4,650
Major Resistance Level – $4,850
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