Ethereum Price Targets $4,640 Resistance Amid Recovery Wave
Ethereum is experiencing a recovery, trading above $4,580 and the 100-hourly Simple Moving Average.
- ETH is forming a short-term triangle with resistance at $4,620 on the hourly chart.
- A successful break above $4,620 and $4,640 could lead to further gains.
Current Price Dynamics
- The price has moved past the $4,550 and $4,600 resistance levels.
- Bears are resisting near the $4,640 level, impacting the upward momentum.
- Key resistances ahead are at $4,685 and $4,765. Breaking these may push ETH toward $4,840 and potentially $4,880 or $4,920.
Potential Pullback Scenario
- If unable to surpass $4,640, ETH might decline.
- Initial support stands at $4,580, followed by major support at $4,535.
- A drop below $4,535 could see prices fall toward $4,465 or even $4,420.
Technical Indicators
- Hourly MACD: Losing momentum in the bullish zone.
- Hourly RSI: Above the 50 mark.
- Major Support Level: $4,535
- Major Resistance Level: $4,640