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Ethereum Price Gathers Steam – Will The Ongoing Rally Power A $5K Breakout?

Source Newsbtc

Ethereum price started a steady increase above $4,650. ETH is now consolidating and might aim for more gains if it clears the $4,750 resistance.

Ethereum remained stable above $4,500 and started a fresh upward move.
The price is trading above $4,550 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $4,550 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it settles above $4,720 and $4,750.

Ethereum Price Gains Over 10%

Ethereum price remained supported above the $4,400 level and started a fresh increase, like Bitcoin. ETH price was able to climb above the $4,500 and $4,620 resistance levels.

The price even spiked toward $4,750 and might continue to rise. A high is formed at $4,759 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the recent upward move from the $4,472 swing low to the $4,759 high.

Ethereum price is now trading above $4,550 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $4,550 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $4,720 level. The next key resistance is near the $4,750 level. The first major resistance is near the $4,780 level. A clear move above the $4,780 resistance might send the price toward the $4,840 resistance. An upside break above the $4,840 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,880 resistance zone or even $4,920 in the near term.

Pullback In ETH?

If Ethereum fails to clear the $4,750 resistance, it could start a fresh decline. Initial support on the downside is near the $4,615 level and the 50% Fib retracement level of the recent upward move from the $4,472 swing low to the $4,759 high. The first major support sits near the $4,550 zone and the trend line.

A clear move below the $4,550 support might push the price toward the $4,500 support. Any more losses might send the price toward the $4,420 region in the near term. The next key support sits at $4,350.

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 – $4,550

Major Resistance Level – $4,750

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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