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Ethereum

Ethereum Recovers Losses, Why ETH Could Aim A Test of $5K

Ethereum recovered losses and climbed above $4,700 against the US Dollar. ETH must clear the $4,850 resistance for a move towards the $5,000 level.

Ethereum started a fresh increase above the $4,650 and $4,700 levels.
The price is now trading above $4,700 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $4,735 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $4,650 support zone.

Ethereum Price Eyes More Upsides
Ethereum found support near the $4,450 level after a sharp decline. ETH price formed a base and started a fresh increase above the $4,600 resistance.
The price was able to clear the 61.8% Fib retracement level of the last key decline from the $4,865 high to $4,452 low. There was a break above the $4,650 and $4,700 resistance levels. Ether price is now trading above $4,700 and the 100 hourly simple moving average.
Besides, there is a key rising channel forming with support near $4,735 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,800 level.

Source: ETHUSD on TradingView.com
The next major resistance is near the $4,850 level. A close above the $4,850 level could spark a sharp increase in the near term. In the stated case, the price might rise towards the $5,000 level. Any more gains could lift the price towards the next key hurdle at $5,200.
Dips Limited in ETH?
If ethereum fails to continue higher above the $4,800 and $4,850 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,720 level.
The first key support is now forming near the $4,700 level and the channel trend line. A downside break below the $4,700 support might push the price below the $4,650 support. The next key support is near $4,550.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $4,650
Major Resistance Level – $4,850

Carole Lloyd

Carole Lloyd

I'm a highly experienced crypto author. I've been writing about cryptocurrency for over 3 years now and have seen the industry grow and change immensely. I have a deep understanding of the technology behind crypto and can explain complex concepts in simple terms. My blog is followed by thousands of people who are interested in learning more about cryptocurrency.

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