Ethereum regained its lost ground, and its exchange rate against the US dollar climbed to more than US$4,700. ETH must clear the resistance of USD 4,850 to move towards the USD 5,000 level.
- Ethereum started to rise again above US$4,650 and US$4,700.
- The price is now trading at $4,700 and above the 100-hour simple moving average.
- On the hourly chart of ETH/USD (through data provided by Kraken), a key ascending channel is formed, and the support level is near $4,735.
- If it stays above the $4,650 support area, the currency pair may start a new rise.
Ethereum price has more room to rise
Ethereum found support near $4,450 A sharp declineThe ETH price formed a foundation and started a new rise above the resistance level of $4,600.
The price was able to clear the 61.8% Fibonacci retracement level of the last key decline, falling from a high of $4,865 to a low of $4,452. The resistance levels of 4,650 USD and 4,700 USD were broken. The price of Ether is now trading above US$4,700, 100 hour simple moving average.
In addition, on the hourly chart of ETH/USD, a key ascending channel is formed, and the support level is near $4,735. The 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 closing price higher than US$4,850 may trigger a sharp rise in the short term. Under the above circumstances, the price may rise to the level of US$5,000. Any more gains could push the price up to the next key obstacle of $5,200.
Dips limited to ETH?
If Ethereum fails to continue above the USD 4,800 and USD 4,850 resistance levels, it may start a new downward correction. Initial support for the downside is near $4,720.
Now the first key support level is formed near 4,700 USD and the channel trend line. A break of the $4,700 support level may push the price below the $4,650 support level. The next key support is near the $4,550 level.
MACD per hour —— The MACD of ETH/USD is slowing down in the bullish zone.
RSI per hour —— The RSI for ETH/USD is now close to the 50 level.
Main support level – 4,650 USD
Main resistance level – 4,850 USD