Ethereum Price Squeezes Tight – Watch Out for Sudden Breakout Anytime

Ethereum price started a fresh increase above $4,550. ETH is now consolidating and might attempt to clear the $4,640 ￰0￱ is now recovering higher above the $4,580 ￰1￱ price is trading above $4,600 and the 100-hourly Simple Moving ￰2￱ is a short-term contracting triangle forming with resistance at $4,620 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it settles above $4,620 and $4,640. Ethereum Price Eyes Upside Break Ethereum price formed a base above $4,420 and started a recovery wave, like ￰3￱ price was able to settle above the $4,500 and $4,520 ￰4￱ price climbed above the $4,550 and $4,600 resistance ￰5￱ bulls pushed the price above the 50% Fib retracement level of the downward wave from the $4,765 swing high to the $4,416 low.

However, the bears are active near the $4,640 ￰6￱ price is facing hurdles near the 61.8% Fib retracement level of the downward wave from the $4,765 swing high to the $4,416 ￰7￱ price is now trading above $4,550 and the 100-hourly Simple Moving ￰8￱ the upside, the price could face resistance near the $4,640 ￰9￱ next key resistance is near the $4,685 ￰10￱ first major resistance is near the $4,765 level. A clear move above the $4,765 resistance might send the price toward the $4,840 ￰11￱ upside break above the $4,840 region might call for more gains in the coming ￰12￱ the stated case, Ether could rise toward the $4,880 resistance zone or even $4,920 in the near ￰13￱ Pullback In ETH?

If Ethereum fails to clear the $4,640 resistance, it could start a fresh ￰14￱ support on the downside is near the $4,580 ￰15￱ first major support sits near the $4,535 zone. A clear move below the $4,535 support might push the price toward the $4,465 ￰16￱ more losses might send the price toward the $4,420 region in the near ￰17￱ next key support sits at $4,350. 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 – $4,535 Major Resistance Level – $4,640