Ethereum regained strength, the indicator showed a new rise to 4,850 US dollars

The exchange rate of Ethereum against the U.S. dollar started to rise again from the $4,500 area. Unless it fails to stay above the 100-hour moving average, ETH may rise to $4,850.

  • Ethereum started to rise again above 4,600 USD and 4,700 USD.
  • The price is now trading at $4,650 and above the 100-hour simple moving average.
  • Breaking through the main bearish trend line on the hourly chart of ETH/USD with resistance near $4,630 (data feed from Kraken).
  • The currency pair may extend its gains above the resistance zone of $4,800 in the short term.

Ethereum price has more room to rise

Ethereum has formed a good foundation of support above US$4,500.As a result, the ETH price started a new rise above the resistance zone of $4,600, and 100 hour simple moving average.

On the hourly chart of ETH/USD, resistance is near $4,630, breaking the main bearish trend line. The currency pair climbed above US$4,700 but is now facing resistance near US$4,725.

Ether is now consolidating gains, and the transaction price is close to 4,700 USD. It is also well above the 23.6% Fibonacci retracement of the upward movement from the swing low of $4,520 to the high of $4,725. The immediate upside resistance is near $4,725.

Source: ETHUSD on

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 $4,850 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 4,725 and USD 4,750 resistance levels, it may extend its Downward correctionThe initial support for the downside is around 4,675 USD.

The first major support is near the $4,650 level and the 100-hour moving average. The next major support is near the $4,620 level. It is close to the 50% Fibonacci retracement level of the upward movement from the swing low of $4,520 to the high of $4,725. Any more unfavorable factors may cause the price to rise to the $4,550 support level. The next major support for the bulls is near the $4,500 level.

Technical index

MACD per hour —— The MACD of ETH/USD is slowly slowing down in the bullish zone.

RSI per hour —— The RSI for ETH/USD is now well above the 50 level.

Main support level – 4,550 USD

Main resistance level – 4,850 USD

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