Ethereum Price Hits Fresh High as Bulls Dominate, Bitcoin Slides Lower

[Ben Graham]

Ethereum price started a fresh increase above the $4,650 zone. ETH is now consolidating gains and might find bids near the $4,550 support.

• Ethereum started a fresh upward move and traded to a new all-time high.
• The price is trading above $4,550 and the 100-hourly Simple Moving Average.
• There was a break below a rising channel with support at $4,750 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start another increase unless there is a close below $4,550 in the near term.

Ethereum Price Regains Traction

Ethereum price formed a base and extended its increase above the $4,550 level, unlike Bitcoin. ETH price gained momentum for a move above the $4,650 and $4,720 levels.

The bulls even pushed the price to a new all-time high above $4,900. A high was formed at $4,956 and the price recently started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $4,207 swing low to the $4,956 high.

Besides, there was a break below a rising channel with support at $4,750 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,550 and the 100-hourly Simple Moving Average.

On the upside, the price could face resistance near the $4,820 level. The next key resistance is near the $4,850 level. The first major resistance is near the $4,920 level. A clear move above the $4,920 resistance might send the price toward the $4,950 resistance.

An upside break above the $4,950 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $5,000 resistance zone or even $5,150 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $4,820 resistance, it could continue to move down. Initial support on the downside is near the $4,680 level. The first major support sits near the $4,580 zone and the 50% Fib retracement level of the upward move from the $4,207 swing low to the $4,956 high.

A clear move below the $4,580 support might push the price toward the $4,550 support. Any more losses might send the price toward the $4,440 support level in the near term. The next key support sits at $4,320.

Technical Indicators

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

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

Major Support Level – $4,580

Major Resistance Level – $4,820