Ethereum price started a fresh increase and climbed above $4,500. ETH is now consolidating and might aim for more gains if it clears $4,550.
Ethereum is now eyeing an upside break above the $4,550 zone.
The price is trading above $4,500 and the 100-hourly Simple Moving Average.
There is a bullish trend line forming with support at $4,470 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it settles above $4,550 and $4,580.
Ethereum Price Eyes More Gains
Ethereum price started a recovery wave after it formed a base above the $4,320 zone, like Bitcoin. ETH price was able to climb above the $4,350 and $4,440 resistance levels.
The price even climbed above $4,500. A high was formed at $4,531 and the price is now consolidating gains. There was a minor pullback, but the price stayed above the 23.6% Fib retracement level of the upward move from the $4,268 swing low to the $4,531 high.
Ethereum price is now trading above $4,500 and the 100-hourly Simple Moving Average. Besides, there is a bullish trend line forming with support at $4,470 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $4,530 level. The next key resistance is near the $4,550 level. The first major resistance is near the $4,580 level. A clear move above the $4,580 resistance might send the price toward the $4,650 resistance. An upside break above the $4,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,740 resistance zone or even $4,800 in the near term.
Another Drop In ETH?
If Ethereum fails to clear the $4,550 resistance, it could start a fresh decline. Initial support on the downside is near the $4,470 level and the trend line. The first major support sits near the $4,450 zone.
A clear move below the $4,450 support might push the price toward the $4,400 support. Any more losses might send the price toward the $4,370 pivot level in the near term. The next key support sits at $4,270.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $4,450
Major Resistance Level – $4,550
