Ethereum Powers Up Another 5%, Eyes a Big Breakout at $4,800

Ethereum price found support near the $4,200 zone and started a fresh surge. ETH is rising and might soon aim for a move above the $4,620 zone.

• Ethereum started a fresh increase above the $4,250 and $4,350 levels.
• The price is trading above $4,400 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $4,400 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $4,200 zone in the near term.

Ethereum Price Rallies Again

Ethereum price started a fresh increase from the $4,150 support zone, beating Bitcoin. ETH price was able to recover above the $4,320 and $4,350 resistance levels.

The bulls even pushed the price above the $4,400 resistance zone. Finally, the price tested the $4,635 resistance zone. A high was formed at $4,634and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $4,171 swing low to the $4,634 high.

Ethereum price is now trading above $4,400 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $4,400 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $4,620 level. The next key resistance is near the $4,650 level. The first major resistance is near the $4,680 level. A clear move above the $4,680 resistance might send the price toward the $4,750 resistance.

An upside break above the $4,750 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,800 resistance zone or even $4,840 in the near term.

Are Dips Supported In ETH?

If Ethereum fails to clear the $4,620 resistance, it could start a downside correction. Initial support on the downside is near the $4,525 level. The first major support sits near the $4,400 zone.

A clear move below the $4,400 support might push the price toward the $4,350 support. Any more losses might send the price toward the $4,350 support level in the near term. The next key support sits at $4,250.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $4,400

Major Resistance Level – $4,620