Ethereum regained strength as the indicators suggest the coin could soon surge to $4850 as we can see more in our latest Ethereum price news today.
ETH could extend further upwards towards $4850 unless it fails to stay above the 100 hourly SMA because Ethereum regained strength and started a new increase above $4700. The price is now trading above $4650 and the 100 hourly simple moving average with a new break above the major bearish trend line resistance close to $4630 on the hourly chart of the ETH/USD pair. The pair could extend the gains higher than the $4800 resistance zone.
Ethereum formed a decent support base around the $4500 level and as a result, the ETH price started a new increase above the $4600 resistance zone and the 100 hourly simple moving average. There was a new break above the major bearish trend line with the resistance close to $4360 on the hourly chart of the pair. The pair climbed above the $4700 level but it is now facing a new resistance near the $4725.
Ether is now consolidating the gains and it is trading near $4700 while being well above the 23.6% fib retracement level from the upward movement of the $4520 swing low to the $4725 high. The immediate resistnace on the upside is also near the $4725 level. The next major resistance is close to the $4750 level with the break above this level being able to spark a new rally. The next key resistance is close to the $4850 level with more gains being able to lead the price towards the $5000 level. If ETH fails to climb higher than $4750 resistance, it could initiate a downside correction with the initial support being set at $4675. Ethereum regained strength with the first major support being $4650 level and the 100 hourly SMA with the next major support being near the $4620 level as it is close to the 50% fib retracement level of the upward move of the $4520 low to $4725 high.
More downsides could lead to the price dropping towards the $4550 support with the next major support for the bulls being near the $4500 level. The hourly MACD for the ETH/USD pair is now losing pace in the bullish zone while the hourly RSI for the pair is well above the 50 levels. The next major support level is set at $4550 and the major resistance one is set at $4850.
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