Ethereum is gaining strength again, indicators point to a new rally to USD 4850

Ethereum is regaining strength as indicators suggest that the coin could soon climb to $ 4850 as we can see in our latest Ethereum price news today.

ETH could continue to scale up to $ 4,850 unless it can’t hold out above the 100 hour SMA as Ethereum regains strength and starts a new rally above $ 4,700. The price is currently trading above $ 4650 and the 100 hour simple moving average with another break above the major downtrend line resistance near $ 4630 on the hourly chart of the ETH / USD pair. The pair can extend the uptrend beyond the USD 4800 resistance area.

Ethereum formed a good base of support around the $ 4,500 mark and as a result, ETH price began rising again above the $ 4,600 resistance area and the 100-hour simple moving average. The pair’s hourly chart broke again above the major downtrend line with resistance near $ 4,360. The pair climbed above the $ 4,700 mark but is now facing new resistance near the $ 4,725 mark.

Ether is currently consolidating gains and trading near $ 4,700 as it sits above the 23.6% Fib retracement level from the move up from the $ 4520 low to the $ 4,725 high, with a break above what may be a new $ 4750 level Rally triggers. The next major resistance is near the $ 4850 level with more upward movement likely to move the price towards the $ 5000 level. If ETH fails to climb above the $ 4,750 resistance, it could start a downward correction with the level. Initial support is at $ 4675. Ethereum gained strength again with the first big support at $ 4650 and the 100-hour SMA with the next big support near $ 4620 at the end.

Another downtrend could result in a fall to the $ 4,550 support, with the next big support for the bulls near the $ 4,500 mark above the 50 mark. The next big support is at $ 4,550 and the key resistance is at $ 4,850 .