Ethereum Price Pullback Limited – Support Levels Could Spark Upside Again

Ethereum price started a fresh increase and climbed above $4,700. ETH is now correcting gains and might aim for another increase if it clears $4,685. Ethereum is now eyeing an upside break above the $4,650 ￰0￱ price is trading above $4,550 and the 100-hourly Simple Moving ￰1￱ was a break below a key bullish trend line with support at $4,660 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it settles above $4,650 and $4,685.

Ethereum Price Eyes Fresh Increase Ethereum price started a fresh increase after it formed a base above the $4,350 zone, like ￰2￱ price was able to climb above the $4,550 and $4,650 resistance ￰3￱ price even climbed above $4,700. A high was formed at $4,765 and the price is now consolidating ￰4￱ was a minor pullback below the 23.6% Fib retracement level of the upward move from the $4,268 swing low to the $4,765 high. Besides, there was a break below a key bullish trend line with support at $4,660 on the hourly chart of ETH/USD. Ethereum price is now trading above $4,550 and the 100-hourly Simple Moving ￰5￱ the upside, the price could face resistance near the $4,650 ￰6￱ next key resistance is near the $4,685 ￰7￱ first major resistance is near the $4,700 level.

A clear move above the $4,700 resistance might send the price toward the $4,750 ￰8￱ upside break above the $4,750 resistance might call for more gains in the coming ￰9￱ the stated case, Ether could rise toward the $4,820 resistance zone or even $4,880 in the near ￰10￱ Drop In ETH? If Ethereum fails to clear the $4,685 resistance, it could start a fresh ￰11￱ support on the downside is near the $4,550 ￰12￱ first major support sits near the $4,520 zone and the 50% Fib retracement level of the upward move from the $4,268 swing low to the $4,765 high. A clear move below the $4,520 support might push the price toward the $4,420 ￰13￱ more losses might send the price toward the $4,350 pivot level in the near ￰14￱ next key support sits at $4,270.

Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish ￰15￱ RSI – The RSI for ETH/USD is now below the 50 ￰16￱ Support Level – $4,550 Major Resistance Level – $4,685