Ethereum Price Surges Past $4,700 with Potential to Reach $5,000
Ethereum Price Update
- Ethereum is rising, supported around $4,500.
- The price has surpassed $4,550 and $4,650 levels, currently trading above $4,600.
- A bullish trend line has formed with support at $4,480 on the hourly chart.
- Potential for further increases exists if the price stays above $4,400.
ETH surged from a low of $4,180, breaking through resistance levels of $4,500 and $4,650. The price tested a high of $4,782 before consolidating above the 23.6% Fib retracement level from $4,170 to $4,782.
- Current trading above $4,700 and the 100-hourly SMA.
- Resistance observed near $4,780; next key resistance at $4,840 and major at $4,880.
- A breakout above $4,950 could push prices toward $5,000 or $5,150.
Should ETH fail to breach $4,780, a correction may occur, with initial support at $4,700 and major support near $4,650. A drop below $4,650 could lead to further declines towards $4,550 and $4,480.
- MACD shows bullish momentum.
- RSI is above the 50 mark.
Major Support Level: $4,650
Major Resistance Level: $4,780