Ethereum held steady above $4,450 and initiated a recovery wave. The price is currently trading above $4,500, surpassing the 100-hourly Simple Moving Average. A bullish trend line is emerging, showing support at $4,490 on the hourly chart of ETH/USD, according to data. The pair may maintain its upward trajectory if it establishes a position above $4,550 and $4,620.
Ethereum price held steady above the $4,320 mark and initiated a new upward movement, similar to Bitcoin. ETH price successfully surged past the $4,450 and $4,500 resistance levels. The price surged to approximately $4,620 and could potentially keep climbing. A high is established at $4,616, with the price maintaining stability above the 23.6% Fibonacci retracement level of the recent upward movement from the $4,094 swing low to the $4,616 high. Ethereum price is currently trading above $4,450 and has surpassed the 100-hourly Simple Moving Average. Additionally, a connecting bullish trend line is taking shape, with support positioned at $4,490 on the hourly chart of ETH/USD.
On the upside, the price may encounter resistance around the $4,560 mark. The upcoming crucial resistance level is around $4,600. The initial significant resistance stands around the $4,620 mark. A decisive breakout above the $4,620 resistance could propel the price towards the $4,650 resistance level. An upside break above the $4,650 region could signal further gains in the upcoming sessions. In the current scenario, Ether has the potential to ascend towards the $4,720 resistance zone or possibly reach $4,800 in the short term.
If Ethereum is unable to break through the $4,620 resistance level, it may initiate a new downward trend. Initial support on the downside is positioned around the $4,500 mark. The initial significant support is located around the $4,480 area and the trend line. A decisive drop beneath the $4,480 support could drive the price down to the $4,440 support level. Further losses could push the price down to the $4,350 area in the short term. The next crucial support level is positioned at $4,250.