Ethereum Price Gathers Steam – Will The Ongoing Rally Power A $5K Breakout?

Ethereum price started a steady increase above $4,650. ETH is now consolidating and might aim for more gains if it clears the $4,750 ￰0￱ remained stable above $4,500 and started a fresh upward ￰1￱ price is trading above $4,550 and the 100-hourly Simple Moving ￰2￱ is a key bullish trend line forming with support at $4,550 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up if it settles above $4,720 and $4,750. Ethereum Price Gains Over 10% Ethereum price remained supported above the $4,400 level and started a fresh increase, like ￰3￱ price was able to climb above the $4,500 and $4,620 resistance ￰4￱ price even spiked toward $4,750 and might continue to rise.

A high is formed at $4,759 and the price is now correcting some ￰5￱ was a move below the 23.6% Fib retracement level of the recent upward move from the $4,472 swing low to the $4,759 ￰6￱ price is now trading above $4,550 and the 100-hourly Simple Moving Average. Besides, there is a key bullish trend line forming with support at $4,550 on the hourly chart of ETH/USD. On the upside, the price could face resistance near the $4,720 ￰7￱ next key resistance is near the $4,750 ￰8￱ first major resistance is near the $4,780 level. A clear move above the $4,780 resistance might send the price toward the $4,840 ￰9￱ upside break above the $4,840 region might call for more gains in the coming ￰10￱ the stated case, Ether could rise toward the $4,880 resistance zone or even $4,920 in the near ￰11￱ In ETH?

If Ethereum fails to clear the $4,750 resistance, it could start a fresh ￰12￱ support on the downside is near the $4,615 level and the 50% Fib retracement level of the recent upward move from the $4,472 swing low to the $4,759 ￰13￱ first major support sits near the $4,550 zone and the trend line. A clear move below the $4,550 support might push the price toward the $4,500 ￰14￱ more losses might send the price toward the $4,420 region in the near ￰15￱ next key support sits at $4,350. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish ￰16￱ RSI – The RSI for ETH/USD is now above the 50 ￰17￱ Support Level – $4,550 Major Resistance Level – $4,750