18.4 C
New York
Friday, September 22, 2023

Buy now

Ethereum Extends Rally, Why ETH Could Rally Further Above $5K

Ethereum extended rally and traded to a new all-time high above $4,800 against the US Dollar. ETH could continue to rise above $4,900 and $5,000 in the near term.

Ethereum gained pace above the $4,650 and $4,750 resistance levels.
The price is now trading above $4,750 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $4,780 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally above the $4,850 resistance in the near term.

Ethereum Price Aims More Upsides
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 $4,750 and traded to a new all-time high. It traded as high as $4,822 and is currently consolidating gains. It is now trading well above the 23.6% Fib retracement level of the upward move from the $4,577 swing low to $4,822 high.
It is also trading well above $4,750 and the 100 hourly SMA. Besides, there is a key bullish trend line forming with support near $4,780 on the hourly chart of ETH/USD.

An immediate resistance on the upside is near the $4,820 level. The next major resistance is near the $4,850 level. A break above the $4,850 level may possibly spark a fresh rally. The next key resistance is near the $5,000 level. Any more gains could lead the price towards the $5,200 level in the near term.
Dips Supported in ETH?
If ethereum fails to climb above the $4,820 and $4,850 resistance levels, it could start a downside correction. An initial support on the downside is near the $4,800 level and the trend line.
The first major support is near the $4,750 level. The next major support is also near the $4,700 level. It is close to the 50% Fib retracement level of the upward move from the $4,577 swing low to $4,822 high. Any more downsides could lead the price towards the $4,620 support and the 100 hourly SMA. The next major support for the bulls is near the $4,550 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 above the 60 level.
Major Support Level – $4,650
Major Resistance Level – $4,850

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,606.13
ethereum
Ethereum (ETH) $ 1,596.77
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 210.65
xrp
XRP (XRP) $ 0.510981
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,595.55
dogecoin
Dogecoin (DOGE) $ 0.061532
cardano
Cardano (ADA) $ 0.244311
solana
Solana (SOL) $ 19.58
the-open-network
Toncoin (TON) $ 2.29
tron
TRON (TRX) $ 0.083530
polkadot
Polkadot (DOT) $ 4.01
matic-network
Polygon (MATIC) $ 0.519430
litecoin
Litecoin (LTC) $ 64.71
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,600.13
shiba-inu
Shiba Inu (SHIB) $ 0.000007
bitcoin-cash
Bitcoin Cash (BCH) $ 208.00
dai
Dai (DAI) $ 0.999951
chainlink
Chainlink (LINK) $ 6.73
leo-token
LEO Token (LEO) $ 3.85
true-usd
TrueUSD (TUSD) $ 0.998714
uniswap
Uniswap (UNI) $ 4.25
stellar
Stellar (XLM) $ 0.114906
avalanche-2
Avalanche (AVAX) $ 8.87
monero
Monero (XMR) $ 145.55
okb
OKB (OKB) $ 42.87
binance-usd
Binance USD (BUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 15.21
cosmos
Cosmos Hub (ATOM) $ 7.22
hedera-hashgraph
Hedera (HBAR) $ 0.050212
filecoin
Filecoin (FIL) $ 3.23
lido-dao
Lido DAO (LDO) $ 1.48
crypto-com-chain
Cronos (CRO) $ 0.050201
quant-network
Quant (QNT) $ 89.99
internet-computer
Internet Computer (ICP) $ 2.93
mantle
Mantle (MNT) $ 0.394204
vechain
VeChain (VET) $ 0.017056
aptos
Aptos (APT) $ 5.11
maker
Maker (MKR) $ 1,291.59
arbitrum
Arbitrum (ARB) $ 0.840961
near
NEAR Protocol (NEAR) $ 1.11
optimism
Optimism (OP) $ 1.30
kaspa
Kaspa (KAS) $ 0.046978
aave
Aave (AAVE) $ 63.65
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,733.22
the-graph
The Graph (GRT) $ 0.087615
algorand
Algorand (ALGO) $ 0.099816
whitebit
WhiteBIT Coin (WBT) $ 5.33
immutable-x
ImmutableX (IMX) $ 0.648244