Ethereum gained pace and traded to a new all-time high above $4,700 against the US Dollar. ETH is showing positive signs and it could extend gains above $4,750.
Ethereum gained pace above the $4,600 and $4,650 resistance levels.
The price is now trading above $4,600 and the 100 hourly simple moving average.
There is a steep bullish trend line forming with support near $4,680 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally if it clears the $4,750 resistance in the near term.
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 $4,700 and traded to a new all-time high. It traded as high as $4,737 and is currently consolidating gains. It is now trading well above the 23.6% Fib retracement level of the upward move from the $4,346 swing low to $4,737 high. It is also trading well above $4,600 and the 100 hourly SMA. Besides, there is a steep bullish trend line forming with support near $4,680 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,730 level. The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally.