The price of Ethereum jumped after finding strong support at the $4,200 level. The currency continues to rise and may soon approach breaking the $4,620 level.
The price of Ethereum has risen again, surpassing $4,250 and $4,350.
The price is currently trading above $4,400 and the simple moving average of 100 hours.
The hourly chart for the ETH/USD pair shows an upward trend line with support at $4,400.
If the price maintains support above $4,200, it is likely to continue rising.
Ethereum's recent performance
Ethereum's price surged from the $4,150 level, outperforming Bitcoin, and managed to break resistance levels at $4,320 and $4,350.
Buyers have also succeeded in surpassing the $4,400 barrier, bringing the price to resistance at $4,635, which is the highest level recorded recently.
The price is now in a consolidation phase above the 23.6% Fibonacci retracement level of the upward wave from $4,171 to $4,634.
Upcoming target levels
First resistance at $4,620, followed by strong resistance at $4,650.
If the $4,680 level is clearly broken, we may see a rise towards $4,750, and if surpassed, the price could reach $4,800 or even $4,840 in the near term.
Downward probabilities
If the price fails to break above $4,620, we may see a downward correction towards $4,525, with key support at $4,400.
Breaking this level could push the price towards $4,350, then $4,250 if losses continue.
Technical indicators
The MACD indicator for the ETH/USD pair is moving in the positive zone.
The RSI (Relative Strength Index) for the ETH/USD pair is above the 50 level.
📌 Major support: $4,400
📌 Major resistance: $4,680
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