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TA: Ethereum Sets New ATH, What Could Pump ETH To $5K

cryptocurrency November 8, 2021
[ CHECK THE LATEST PRICE ANALYSIS HERE ]

Ethereum gained pace and traded to a new all-time high above $4,700 against the US Dollar. ETH is showing positive signs and it could extend gains above $4,750.

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  • Ethereum gained pace above the $4,600 and $4,650 resistance levels.
  • The price is now trading above $4,600 and the 100 hourly simple moving average.
  • There is a steep bullish trend line forming with support near $4,680 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if it clears the $4,750 resistance in the near term.

Ethereum Price Eyes More Upsides

Ethereum started a fresh increase above the $4,550 and $4,600 resistance levels. ETH gained pace above the $4,650 resistance zone and the 100 hourly simple moving average.

The price even climbed above $4,700 and traded to a new all-time high. It traded as high as $4,737 and is currently consolidating gains. It is now trading well above the 23.6% Fib retracement level of the upward move from the $4,346 swing low to $4,737 high.

It is also trading well above $4,600 and the 100 hourly SMA. Besides, there is a steep bullish trend line forming with support near $4,680 on the hourly chart of ETH/USD.

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Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $4,730 level. The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally. The next key resistance is near the $4,800 level. Any more gains could lead the price towards the $5,000 level in the near term.

Dips Supported in ETH?

If ethereum fails to climb above the $4,730 and $4,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $4,680 level and the trend line.

The first major support is near the $4,550 level. It is close to the 50% Fib retracement level of the upward move from the $4,346 swing low to $4,737 high. Any more downsides could lead the price towards the $4,520 support and the 100 hourly SMA. The next major support for the bulls is near the $4,450 level.

Technical Indicators

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Hourly MACD – The MACD for ETH/USD is now gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 60 level.

Major Support Level – $4,550

Major Resistance Level – $4,750

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