ETH is trading at approximately $4,705 after a strong upward wave exceeding +9% over 24 hours, approaching its recent historical peaks with very active liquidity in the market.
Technical Indicators:
Price Trend: The overall direction is leaning upwards with continued buying flows.
Momentum indicators show signs of nearing the overbought area, which opens the door for a slight pullback or correction before any new rise.
Volatility: The price movement is relatively accelerating, which means the market is in a high speculation state that may create sudden fluctuations.
Support and Resistance Levels:
First support area: $4,500. A crucial pivot area if a corrective drop occurs.
Second support: $4,200. Breaking this level could bring the price back to lower levels.
Closest resistance: $4,880. Represents a new historical peak; breaking it may open the way for an additional upward wave.
Next resistance: $5,000. A significant psychological level, exceeding it strengthens the positive outlook towards further targets.
The upcoming expectations, as long as the price maintains its stability above $4,500, remain positive in the short term with the possibility of targeting $5,000. However, if it fails to maintain this level, it may retreat to test $4,200 again before attempting a new rise.
In summary, Ethereum is experiencing a strong wave supported by liquidity and institutions, which enhances the chances of continued rise in the short term. However, the proximity of indicators to potential selling pressure areas calls for caution and careful monitoring of support levels.
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