Ethereum traded to an all-time high above US$4,800, and then the exchange rate against the US dollar fell. Unless it drops below $4,650, ETH may start a new rebound.
- Ethereum started to make a downward correction below 4,750 USD and 4,700 USD.
- The price is now trading above $4,650 and the 100-hour simple moving average.
- On the hourly chart of ETH/USD (through data provided by Kraken), the main bullish trend line was broken, and the support level was near 4,800 USD.
- If it does not fall below 4,650 US dollars, the currency pair may start a new rise.
A new rise in the price of Ethereum
Ethereum Extended assembly Above the resistance levels of 4,650 USD and 4,700 USD. ETH rose above the USD 4,750 resistance zone and the 100-hour simple moving average.
The price even climbed to over US$4,800 and hit a record high. Its trading price is as high as 4,839 US dollars, and it is currently correcting its gains. It fell below the $4,750 support level. In addition, on the hourly chart of ETH/USD, it fell below the main bullish trend line and the support level was around 4,800 USD.
It is even below the 23.6% Fibonacci retracement level Move up From a low of $4,346 to a high of $4,839. The price of Ethereum is now trading above $4,650 and the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
Upside resistance is near $4,720. The next major resistance is near the $4,750 level. Breaking through the USD 4,750 level may trigger a new rebound. The next key resistance is near the $4,800 level. In the short term, any more gains could cause the price to rise to the $5,000 level.
Does ETH support falling?
If Ethereum fails to break through the USD 4,720 and USD 4,750 resistance levels, it may continue the downward correction. The initial support for the downside is around 4,680 USD and the 100-hour moving average.
The first major support level is also near $4,600. It is close to the 50% Fibonacci retracement level of the upward movement from the swing low of $4,346 to the high of $4,839. Any more unfavorable factors may cause the price to rise to the $4,540 support level. The next major support for the bulls is near the $4,460 level.
MACD per hour —— The MACD of ETH/USD is slowly slowing down in the bearish zone.
RSI per hour —— The RSI for ETH/USD is now below the 50 level.
Main support level – 4,650 USD
Main resistance level – 4,750 USD