Ethereum continues to showcase its strength as the second-largest cryptocurrency surged to a new all-time high of $4,956, outpacing Bitcoin, which faced selling pressure. The rally highlights growing bullish momentum, though ETH is now undergoing a minor correction.According to market data from Kraken, Ethereum price extended gains above the $4,650 resistance zone and broke past $4,720, fueling optimism among traders. Bulls pushed the token close to the $5,000 psychological mark before a slight pullback.
A downside correction saw ETH dip below the $4,750 support and the 23.6% Fib retracement level of the rally from $4,207 to $4,956. The price is now consolidating above $4,550, holding firmly above the 100-hourly Simple Moving Average, a sign of sustained bullish sentiment.
Key Resistance and Support Levels
On the upside, immediate resistance lies at $4,820, followed by $4,850 and the crucial $4,920 mark. Analysts suggest that a clear breakout above $4,920 could propel ETH beyond $4,950 and potentially to $5,000 or even $5,150 in the near term.
Conversely, a failure to reclaim momentum could drag ETH lower. The first support sits around $4,680, followed by the major support at $4,580, aligning with the 50% Fib retracement level. Further declines could expose the $4,550 and $4,440 zones, with deeper support at $4,320.
Technical Indicators
MACD (Hourly ETH/USD): Losing momentum but remains in bullish territory.
RSI (Hourly): Holding above 50, signaling continued buyer interest.
Major Support Levels: $4,580, $4,550
Major Resistance Levels: $4,820, $4,920, $5,000
Ethereum’s resilience contrasts Bitcoin’s weakness, underlining the market shift in favor of altcoins. If bulls maintain control, ETH could be on track for another historic milestone above $5,000.
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