Ethereum Price Rises 5% Aiming for Breakout Above $4,800
Ethereum Price Update
Ethereum (ETH) has found support near $4,200 and is currently experiencing an upward trend.
- ETH has surpassed resistance levels of $4,250 and $4,350.
- The price is above $4,400 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $4,400 on the hourly chart.
- ETH aims for a potential move above $4,620 in the short term.
Recent performance highlights:
- ETH rose from the $4,150 support zone and exceeded both $4,320 and $4,350 levels.
- The price tested the $4,634 resistance level but is now consolidating gains.
- Immediate resistance is expected near $4,620, followed by $4,650 and $4,680.
- A breakthrough above $4,750 could lead to further gains toward $4,800 or $4,840.
Potential downside risks:
- If ETH does not clear $4,620, it may face corrections.
- Initial support is at $4,525 and major support at $4,400.
- Further declines could target $4,350 and then $4,250.
Technical indicators show that the MACD for ETH/USD is gaining momentum while the RSI is above 50.