Ethereum Poised for $5K, Market Buzz Builds Around Rally

Ethereum price found support near the $4,500 zone and started a fresh surge. ETH is rising and might soon aim for a move above the $4,750 zone.

• Ethereum started a fresh increase above the $4,550 and $4,650 levels.
• The price is trading above $4,600 and the 100-hourly Simple Moving Average.
• There is a bullish trend line forming with support at $4,480 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $4,400 zone in the near term.

Ethereum price started a fresh increase from the $4,180 support zone, beating Bitcoin. ETH price was able to climb above the $4,500 and $4,650 resistance levels.

The bulls even pushed the price above the $4,700 resistance zone. Finally, the price tested the $4,780 resistance zone. A high was formed at $4,782 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $4,170 swing low to the $4,782 high.

Ethereum price is now trading above $4,700 and the 100-hourly Simple Moving Average. There is also a bullish trend line forming with support at $4,480 on the hourly chart of ETH/USD.

On the upside, the price could face resistance near the $4,780 level. The next key resistance is near the $4,840 level. The first major resistance is near the $4,880 level. A clear move above the $4,880 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.

If Ethereum fails to clear the $4,780 resistance, it could start a downside correction. Initial support on the downside is near the $4,700 level. The first major support sits near the $4,650 zone.

A clear move below the $4,650 support might push the price toward the $4,550 support. Any more losses might send the price toward the $4,480 support level in the near term. The next key support sits at $4,350.

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 – $4,650

Major Resistance Level – $4,780