Ethereum gained pace and traded to a new all-time high above $4,700 against the US Dollar. ETH is showing positive signs and it could extend gains above $4,750.
Ethereum started a fresh increase above the $4,550 and $4,600 resistance levels. ETH gained pace above the $4,650 resistance zone and the 100 hourly simple moving average.
The price even climbed above $4,700 and traded to a new all-time high. It traded as high as $4,737 and is currently consolidating gains. It is now trading well above the 23.6% Fib retracement level of the upward move from the $4,346 swing low to $4,737 high.
It is also trading well above $4,600 and the 100 hourly SMA. Besides, there is a steep bullish trend line forming with support near $4,680 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $4,730 level. The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally. The next key resistance is near the $4,800 level. Any more gains could lead the price towards the $5,000 level in the near term.
If ethereum fails to climb above the $4,730 and $4,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $4,680 level and the trend line.
The first major support is near the $4,550 level. It is close to the 50% Fib retracement level of the upward move from the $4,346 swing low to $4,737 high. Any more downsides could lead the price towards the $4,520 support and the 100 hourly SMA. The next major support for the bulls is near the $4,450 level.
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 60 level.
Major Support Level – $4,550
Major Resistance Level – $4,750
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