Ethereum Regains Strength, Indicators Suggest Fresh Run To $4,850
Ethereum started a fresh increase from the $4,500 zone against the US Dollar. ETH could extend upsides towards $4,850 unless it fails to stay above the 100 hourly SMA.
Ethereum started a fresh increase above the $4,600 and $4,700 levels.
The price is now trading above $4,650 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $4,630 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend gains above the $4,800 resistance zone in the near term.
Ethereum formed a decent support base above the $4,500 level. As a result, ETH price started a fresh increase above the $4,600 resistance zone and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $4,630 on the hourly chart of ETH/USD. The pair climbed above the $4,700 level, but it is now facing resistance near the $4,725 level.
Ether is now consolidating gains and trading near $4,700. It is also well above the 23.6% Fib retracement level of the upward move from the $4,520 swing low to $4,725 high. An immediate resistance on the upside is near the $4,725 level.
The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally. The next key resistance is near the $4,850 level.
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