According to market data via Kraken, ETH climbed from the $4,480 support level after retracing from its recent high of $4,782. The pullback had earlier brought the price below the 23.6% Fibonacci retracement level of the upward move from the $4,170 swing low to the $4,782 high.
Buyers stepped in aggressively at the $4,480 zone — a key confluence with the 50% Fibonacci retracement — helping ETH recover above $4,550 and maintain strength above its 100-hour Simple Moving Average (SMA).
On the hourly chart, a bullish trend line is forming with support at $4,500, signaling strong buyer interest. Immediate resistance now sits near $4,640, followed by $4,680. The critical breakout level remains at $4,720; a decisive move above could send ETH toward $4,780, and potentially $4,880 or even the psychological $5,000 zone.
However, analysts caution that failure to clear $4,700 could trigger another correction. Initial support lies at $4,550, followed by a stronger base at $4,500. A break below this could expose ETH to deeper losses toward $4,400, $4,315, and possibly $4,250.
Technical indicators show mixed signals: the hourly MACD for ETH/USD is losing momentum in the bullish zone, while the RSI remains above 50, suggesting the uptrend is still intact.
With Ethereum now back above $4,550 and bulls defending key levels, traders are watching closely to see if the next move will be the long-anticipated push toward $5K.
