Ethereum on the edge 🚀 – Price squeeze signals explosive movement
The price of Ethereum has risen above $4,550. ETH is stabilizing and may break through $4,640.
Ethereum has recovered over $4,580.
Price exceeds $4,600 and 100-hour SMA.
The hourly ETH/USD chart shows a short-term descending triangle, with resistance around $4,620.
Above $4,620 and $4,640, this pair may rise again.
Ethereum prices may rise
Like Bitcoin, Ethereum has established a base above $4,420 and started to rebound. ETH is stable above $4,500 and $4,520.
The price has risen above the resistance of $4,550 and $4,600. The bulls broke through the 50% Fibonacci retracement level of the negative fluctuation from the high of $4,765 to the low of $4,416. However, the bears are active around $4,640.
The price encountered resistance at the 61.8% Fibonacci retracement level from the drop fluctuation from a high of $4,765 to a low of $4,416. Ethereum is above $4,550 and the 100-hour SMA.
The price may encounter resistance at $4,640 during the upward movement. The next resistance is around $4,685. Serious resistance begins near $4,765. A clean breakout above $4,765 could push the price above $4,840. Exceeding $4,840 may lead to additional gains in the next trading sessions. Ether may grow to $4,880 or $4,920 in the short term.
ETH retracing again?
If Ethereum fails to break through $4,640, it may drop again. The first downside support is around $4,580. The first important support is at $4,535.
If it breaks through $4,535, it could bring the market down to $4,465. Further losses may push the price below $4,420. The next support is at $4,350.
Technical Indicators
Hourly MACD - ETH/USD MACD is losing bullish momentum.
The hourly ETH/USD RSI exceeds 50.
Main support: $4,535.
Major resistance: $4,640