- Ethereum price started a fresh increase above $4,500 against the US Dollar.
- ETH price is now trading above $4,500 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $4,500 on the 4-hours chart (data feed from Coinbase).
- The pair could extend its rally towards the $4,900 and $5,000 levels.
Ethereum price is showing positive signs above $4,500 against the US Dollar. ETH/USD could extend gains above the $4,850 and $4,900 levels in the near term.
Ethereum Price Analysis
After forming a base above $4,000, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the $4,400 level and the 55 simple moving average (4-hours).
The price climbed above the $4,450 and $4,500 resistance levels. There was a break above a key bearish trend line with resistance near $4,500 on the 4-hours chart. It even traded above the $4,700 level and formed a new all-time high near $4,825.
It is now consolidating gains above the $4,700 level. An immediate support is near the $4,710 level. It is close to the 23.6% Fib retracement level of the upward move from the $4,329 swing low to $4,825 high.
The first major support is now near the $4,650 level. The next major support is near the $4,600 level. It is close to the 50% Fib retracement level of the upward move from the $4,329 swing low to $4,825 high. If there is a downside break below the $4,650 and $4,600 support levels, the price could retest $4,500.
Any more losses could lead the price towards $4,400. An immediate resistance is near the $4,840 level. The main resistance is now forming near the $4,850 level. A close above the $4,850 level could open the doors for another increase.
The next major resistance for the bulls might be near the $5,000 level. Any more gains could lead the price towards the $5,200 level.
Looking at the chart, Ethereum price is clearly trading above the $4,500 zone and the 55 simple moving average (4-hours). Overall, ether price could extend its rally towards the $4,900 and $5,000 levels.
Technical indicators
4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now above the 60 level.
Key Support Levels – $4,710, followed by the $4,600 zone.
Key Resistance$ Levels – $4,850 and $5,000.
