Ethereum Price Hits Fresh High as Bulls Dominate, Bitcoin Slides Lower

Ethereum price started a fresh increase above the $4,650 ￰0￱ is now consolidating gains and might find bids near the $4,550 ￰1￱ started a fresh upward move and traded to a new all-time ￰2￱ price is trading above $4,550 and the 100-hourly Simple Moving ￰3￱ was a break below a rising channel with support at $4,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase unless there is a close below $4,550 in the near ￰4￱ Price Regains Traction Ethereum price formed a base and extended its increase above the $4,550 level, unlike ￰5￱ price gained momentum for a move above the $4,650 and $4,720 ￰6￱ bulls even pushed the price to a new all-time high above $4,900.

A high was formed at $4,956 and the price recently started a downside ￰7￱ was a move below the 23.6% Fib retracement level of the upward move from the $4,207 swing low to the $4,956 high. Besides, there was a break below a rising channel with support at $4,750 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,550 and the 100-hourly Simple Moving ￰8￱ the upside, the price could face resistance near the $4,820 ￰9￱ next key resistance is near the $4,850 ￰10￱ first major resistance is near the $4,920 level. A clear move above the $4,920 resistance might send the price toward the $4,950 ￰11￱ upside break above the $4,950 resistance might call for more gains in the coming ￰12￱ the stated case, Ether could rise toward the $5,000 resistance zone or even $5,150 in the near ￰13￱ Drop In ETH?

If Ethereum fails to clear the $4,820 resistance, it could continue to move ￰14￱ support on the downside is near the $4,680 ￰15￱ first major support sits near the $4,580 zone and the 50% Fib retracement level of the upward move from the $4,207 swing low to the $4,956 high. A clear move below the $4,580 support might push the price toward the $4,550 ￰16￱ more losses might send the price toward the $4,440 support level in the near ￰17￱ next key support sits at $4,320. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰18￱ RSI – The RSI for ETH/USD is now above the 50 ￰19￱ Support Level – $4,580 Major Resistance Level – $4,820