Pentaxcoin

Ethereum Remains In Uptrend, Here Are Next Possible Targets

Ethereum gained pace and traded to a new all-time high above $4,650 against the US Dollar. ETH corrected gains, but dips could be limited below $4,400.

Ethereum gained pace above the $4,550 and $4,600 resistance levels.
The price is now trading above $4,500 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $4,540 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally if it clears the $4,620 resistance in the near term.

Ethereum Price Remains Supported
Ethereum started a fresh increase above the $4,350 and $4,450 resistance levels. ETH gained pace above the $4,500 resistance zone and the 100 hourly simple moving average.
The price even climbed above $4,600 and traded to a new all-time high. It traded as high as $4,668 before there was a downside correction. There was a break below the $4,600 level. Ether declined below the 23.6% Fib retracement level of the upward move from the $4,455 swing low to $4,668 high.
It is now trading well above $4,500 and the 100 hourly SMA. There is also a key bullish trend line forming with support near $4,540 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,600 level. The next major resistance is near the $4,620 level.

A break above the $4,620 level may possibly spark a fresh rally. The next major resistance is near the $4,700 level. Any more gains could lead the price towards the $4,800 level in the near term.
Dips Supported in ETH?
If ethereum fails to climb above the $4,600 and $4,620 resistance levels, it could start a downside correction. An initial support on the downside is near the $4,540 level.
The first major support is near the $4,540 level and the trend line. It is close to the 50% Fib retracement level of the upward move from the $4,455 swing low to $4,668 high. Any more downsides could lead the price towards the $4,500 support. The next major support for the bulls is near the $4,450 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $4,500
Major Resistance Level – $4,620

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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