Well, it looks like Ethereum is making another run. After a bit of a dip that saw it testing levels around $4,415, the price has managed to claw its way back up. It’s now trading above $4,580, which is a good sign. It’s also sitting comfortably above the 100-hour simple moving average, which tends to be a line in the sand for traders.
The move wasn’t exactly smooth, but it did break through a key bearish trend line that was hanging around the $4,550 mark. That’s probably giving the bulls a bit more confidence. I think the general feeling is that if it can hold here, the next logical step is a test of higher resistances.
Where Does Ethereum Go From Here?
The immediate hurdle seems to be around $4,635 to $4,640. If it can push past that, then everyone’s eyes will be on the $4,680 level. That seems to be the next major barrier. A clean break above that could really open the doors for a move toward $4,720, and maybe even $4,750 after that.
You know how it is with these things, though. It’s never a straight line. If it gets above $4,750, some are talking about a potential path toward $4,850. That feels a bit optimistic in the short term, but the market has been full of surprises lately.
The Other Side of the Coin
Of course, this could all go the other way. It often does. If ETH can’t muster the strength to get past $4,680, we might be looking at another pullback. The first place it would likely find some buyers is back near $4,580. If that doesn’t hold, then the focus shifts down to $4,535.
A drop below that support could see the price slide toward $4,500. And if that level breaks? Well, things could get a bit messy, potentially revisiting the recent lows around $4,420 or even lower. It’s not the most likely scenario right now, but it’s always a possibility.
What the Indicators Suggest
The technical indicators are leaning slightly positive at the moment. The hourly MACD is showing some strength in the bullish zone, which suggests the upward momentum might have some staying power. The RSI is also above 50, which generally means buying pressure is outweighing selling. It’s not screamingly overbought, so there might be room to run.
For now, the major levels to watch are pretty clear. Support is at $4,535, and resistance is waiting at $4,680. Which one gives way first will probably set the tone for the next few days.
