TA: 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.
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