Ethereum Targets $4,800 After Impressive 5% Surge
Ethereum (ETH) has demonstrated strong upward momentum, finding solid support near the $4,200 mark and initiating a fresh rally. The cryptocurrency is now aiming for a significant breakout, with eyes set on the ambitious $4,800 resistance level. This recent surge signals a renewed bullish sentiment in the market for ETH. ETH's Resilient Climb Towards Key Resistance Following its rebound from the $4,150 support, Ethereum price managed to surpass key resistance levels at $4,320 and $4,350, outperforming Bitcoin's recent movements. The bullish momentum propelled ETH past the $4,400 resistance zone and the 100-hourly Simple Moving Average, reaching a high near $4,634. Currently, ETH is consolidating these gains, trading comfortably above $4,400. A notable bullish trend line, with support at $4,400, is evident on the hourly chart, indicating continued positive sentiment. Should ETH break above the $4,680 resistance, it could pave the way for a push towards $4,750 and potentially the $4,800 to $4,840 range. Key Support Levels and Technical Outlook Despite the strong rally, traders should be mindful of potential dips. If Ethereum fails to clear the $4,620 resistance, a downside correction could ensue. Initial support is anticipated near $4,525, followed by a more significant support zone around $4,400. A breach below $4,400 might see the price fall towards $4,350, with the next crucial support at $4,250. From a technical perspective, the Hourly MACD for ETH/USD is gaining bullish momentum, and the Hourly RSI is currently positioned above the 50 zone, reinforcing the optimistic outlook. Major Support Level: $4,400 Major Resistance Level: $4,620
