After experiencing a slight pullback, Ethereum’s price has begun to recover and has surpassed the $4,500 mark. The cryptocurrency is currently in a consolidation phase and could potentially see further gains if it manages to break above the $4,550 resistance level.
- Ethereum is now setting its sights on breaking through the $4,550 zone.
- The price is currently trading above $4,500 and the 100-hourly Simple Moving Average.
- A bullish trend line is forming with support at $4,470 on the hourly ETH/USD chart.
- If Ethereum successfully clears the $4,550 and $4,580 levels, it could initiate a fresh uptrend.
Ethereum’s Price Outlook
Following a period of consolidation above the $4,320 support level, Ethereum’s price has started a recovery phase similar to Bitcoin’s recent movements. The cryptocurrency managed to break above the $4,350 and $4,440 resistance levels, eventually reaching above $4,500. A recent high of $4,531 was achieved, and the price is currently consolidating its gains. Despite a minor pullback, Ethereum has maintained its position above the 23.6% Fib retracement level of the recent upward move.
Currently, Ethereum is trading above $4,500 and the 100-hourly Simple Moving Average, with a bullish trend line forming at $4,470 on the hourly ETH/USD chart.
The next resistance levels for Ethereum are anticipated at $4,530, $4,550, and $4,580. A successful breach of the $4,580 resistance could propel the price towards the $4,650 level, followed by potential gains towards $4,740 or even $4,800 in the near future.
Potential Downside Movement
If Ethereum fails to surpass the $4,550 resistance, a new downtrend could emerge. Initial support is expected near $4,470 and the trend line, with a more significant support level at $4,450.
A break below $4,450 could drive the price towards $4,400, with further declines leading to the $4,370 pivot level. The critical support level stands at $4,270.
Technical Indicators:
Hourly MACD: The MACD for ETH/USD is showing bullish momentum.
Hourly RSI: The RSI for ETH/USD is currently above the 50 level.
Major Support Level: $4,450
Major Resistance Level: $4,550