ETH is trading at around $4,751, after a daily range of $4,709 – $4,809 with a slight increase reflecting stability in buying momentum despite a limited pullback from the recent historical peak.
Technical indicators:
Moving averages: The price is still above the key averages, reinforcing the positive outlook.
RSI: Moving in the positive zone without reaching overbought conditions, which gives additional space for continued upward movement.
MACD: Still bullish, providing a signal of trend strength despite minor fluctuations.
Support and resistance levels:
Support level one: Maintaining at $4,700 is important to keep the trend positive.
Support level two: Near $4,600; losing it weakens the short-term technical outlook.
Resistance level one: At $4,820; breaking it may pave the way for new peaks.
Resistance level two: At $4,880, the highest historical level.
Latest impactful news:
Statements from the Federal Reserve Chair at Jackson Hole supported optimism for interest rate cuts, increasing the appetite for risk towards digital assets.
Strong institutional investment flows into ETH funds exceeded billions of dollars, raising long-term demand.
Network upgrades such as EIP-4844 and Pectra have strengthened Ethereum's position as the leading platform in the DeFi world.
Ethereum is now moving in a sensitive range between support at $4,700 and resistance at $4,820. Breaking the resistance may push the price towards new all-time highs exceeding $4,880, while breaking the support may open the door for a limited correction towards $4,600.
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