Alert: Ethereum is nearing a breakout at $4,900 after a strong rise of 5%
The price of Ethereum has recorded a significant jump after receiving strong support at the $4,200 level, continuing its upward trend and approaching the resistance level of $4,620.
The cryptocurrency experienced its second-largest breakout recently after surpassing the $4,250 and $4,350 levels, reaching $4,635, which is the highest level in recent times, with the price currently trading above $4,400 and the simple moving average of 100 hours.
The chart for the ETH/USD pair shows an upward trend line with major support at $4,400, which enhances the likelihood of continued upward movement if the price maintains this level.
Upcoming targets
First resistance: $4,620
Second resistance: $4,650
In the event of a strong close above $4,680, we may see a surge towards $4,750, and if it surpasses this, prices may reach $4,800 – $4,840.
Downside scenario
If the price fails to exceed $4,620, it may face a correction towards $4,525, with key support at $4,400. Breaking this level could open the way for a drop towards $4,350 then $4,250.
Technical indicators
The MACD for the ETH/USD pair is still in the positive territory.
The RSI for the ETH/USD pair is above the 50 level, supporting the upward momentum.
📌 Main support: $4,400
📌 Main resistance: $4,680
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