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Ethereum Price Analysis: ETH Could Soon Visit $5K

Summary:
Ethereum price started a fresh increase above ,500 against the US Dollar. ETH price is now trading above ,500 and the 55 simple moving average (4-hours). There was a break above a key bearish trend line with resistance near ,500 on the 4-hours chart (data feed from Coinbase). The pair could extend its rally towards the ,900 and ,000 levels. Ethereum price is showing positive signs above ,500 against the US Dollar. ETH/USD could extend gains above the ,850 and ,900 levels in the near term. Ethereum Price Analysis After forming a base above ,000, ethereum started a fresh increase against the US Dollar. ETH price gained pace above the ,400 level and the 55 simple moving average (4-hours). The price climbed above the ,450 and ,500 resistance

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  • 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.

Ethereum Price

Ethereum Price

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.

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