Ethereum Price Rises Over 5%, Faces Resistance at $4,620

Ethereum's price has initiated a steady climb above $4,500, currently consolidating with potential for further gains if it surpasses the $4,620 resistance level.

ETH maintained stability above $4,450 and is in a recovery phase.
The price is trading above $4,500 and the 100-hourly Simple Moving Average.
A bullish trend line forms support at $4,490 on the ETH/USD hourly chart.
The pair might continue upward movement if it holds above $4,550 and $4,620.

Ethereum Price Rises Over 5%

ETH price climbed above the $4,450 and $4,500 resistance levels.
The price reached a high of $4,616, maintaining stability above the 23.6% Fib retracement from the $4,094 low to the $4,616 high.
Resistance is near $4,560, $4,600, and $4,620 levels. Clearing these could push the price towards $4,650, potentially rising to $4,720 or even $4,800.

Ethereum Price

Possible Decline in ETH?

If ETH doesn't clear $4,620 resistance, it may decline.
Initial downside support is near $4,500; major support at $4,480.
Breaching $4,480 could push the price to $4,440, with further losses leading to $4,350 or possibly $4,250.

Technical Indicators:

Hourly MACD: Gaining bullish momentum.
Hourly RSI: Above the 50 zone.

Major Support Level: $4,480

Major Resistance Level: $4,620