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
