Ethereum gained its trading pace to a new all-time high above $4,700 against the US Dollar. ETH is showing positive signs and could extend gains above $4,750.
- Ethereum gained momentum above the $4,600 and $4,650 resistance levels.
- The price is now trading above $4600 and the 100 hourly simple moving average.
- There is a sharp bullish trend line forming with support near $4,680 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a new rally if it gets rid of the $4,750 resistance in the near term.
Ethereum price eyes more pros
Ethereum started a new increase above the $4,550 and $4,600 resistance levels. ETH is gaining pace above the $4,650 resistance area and the 100 hourly simple moving average.
The price even rose above $4,700 and traded to a new all-time high. It traded as high as $4,737 and is currently consolidating gains. It is now trading well above the 23.6% Fib retracement level of the upward move from the $4,346 swing low to $4,737 high.
It is also trading well above the $4600 and hourly 100 SMA. Besides, there is a sharp bullish trend line forming with support near $4,680 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
There is an immediate resistance on the upside near the $4,730 level. The next major resistance is near the $4,750 level. A break above the $4750 level could trigger a new rally. The next major resistance is near the $4800 level. Any further gains could push the price towards the $5,000 level in the near term.
Support dips in ETH?
If Ethereum fails to climb above the $4,730 and $4,750 resistance levels, it may initiate a downward correction. There is initial support on the downside near the $4,680 level and the trend line.
The first major support is near the $4,550 level. It is close to the 50% Fib retracement level of the upward move from the $4,346 swing low to $4,737 high. Any more downside could lead the price towards the $4,520 support and the hourly 100 SMA. The next major support for the bulls is near the $4,450 level.
MACD per hour – ETH/USD’s MACD is now gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 60 level.
Key Support Level – $4,550
Key Resistance Level – $4,750