Ethereum Price Faces Pause – Will Bulls Use This Dip To Fuel Next Rally?

Ethereum price started a steady increase above $4,500. ETH is now consolidating and might aim for more gains if it clears the $4,620 resistance.

• Ethereum remained stable above $4,450 and started a recovery wave.
• The price is trading above $4,500 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $4,490 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it settles above $4,550 and $4,620.

Ethereum Price Gains Over 5%

Ethereum price remained supported above the $4,320 level and started a fresh increase, like Bitcoin. ETH price was able to climb above the $4,450 and $4,500 resistance levels.

The price even spiked toward $4,620 and might continue to rise. A high is formed at $4,616 and the price is still stable above the 23.6% Fib retracement level of the recent upward move from the $4,094 swing low to the $4,616 high.

Ethereum price is now trading above $4,450 and the 100-hourly Simple Moving Average. Besides, there is a connecting bullish trend line forming with support at $4,490 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $4,560 level. The next key resistance is near the $4,600 level. The first major resistance is near the $4,620 level. A clear move above the $4,620 resistance might send the price toward the $4,650 resistance. An upside break above the $4,650 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,720 resistance zone or even $4,800 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $4,620 resistance, it could start a fresh decline. Initial support on the downside is near the $4,500 level. The first major support sits near the $4,480 zone and the trend line.

A clear move below the $4,480 support might push the price toward the $4,440 support. Any more losses might send the price toward the $4,350 region 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 – $4,480

Major Resistance Level – $4,620