Ethereum Price Starts Recovery Above $4,550 After Recent Correction
Ethereum Price Update
- Ethereum price corrected from $4,780 but is rising again from $4,480.
- Current trading is above $4,550 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $4,500 on the hourly chart of ETH/USD.
- If supported above $4,500, Ethereum may continue to increase.
Price Movements
- Ethereum surpassed $4,600, $4,650, and $4,700 resistance levels.
- Price tested a high of $4,782 before correcting below the 23.6% Fib retracement level.
- Bulls defended the $4,480 support, protecting the 50% Fib retracement level.
- Resistance levels are identified at $4,640, $4,680, and $4,720.
- A move above $4,720 could lead to further gains towards $4,880 or $5,000.
Potential Downside Risks
- If Ethereum fails to break the $4,700 resistance, a correction may occur.
- Initial support is at $4,550; major support is at $4,500.
- A drop below $4,500 could push the price to $4,400 or lower to $4,315 and $4,250.
Technical Indicators
- MACD for ETH/USD shows decreasing momentum in the bullish zone.
- RSI is currently above 50.