NEW DELHI (CoinChapter.com) — Ethereum (ETH) is signaling a major uptrend above $4,500. The current price action suggests a high chance of a move to a new all-time high.
Ethereum Price Could Surge Over 15%
In the past few weeks, Ethereum’s price significantly increased above the $3,000 resistance. ETH gained pace and traded above the $3,500 resistance zone to move further into a bullish zone, like Bitcoin. However, BTC was able to trade to a new all-time high above $69,200, but ETH is still lagging.
It now shows better bullish signs above the 50-week simple moving average (blue). It is also trading well above the 61.8% Fib retracement level of the last main decline from the $4,864 swing high to the $881 low.
The last 4-5 weekly candles were strong and suggest more upsides in the coming days. The bears are currently active near the $3,940 resistance zone. The 76.4% Fib retracement level of the last main decline from the $4,864 swing high to the $881 low seems a minor hurdle.
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If Ethereum’s price clears the $3,940 resistance, it could open the doors for a move toward the $4,864 high. Intermediate resistance might be $4,500. In the stated case, the price might even spike above $5,000 before a downside correction occurs.
Dips Supported In ETH?
On the downside, many supports are forming. Immediate support is near the $3,500 pivot level, and the first support is at $3,340. Ethereum also follows a crucial parabolic curve, with support at $3,340 on the weekly chart.
A weekly close below $3,340 might spark strong bearish moves in ETH. The bears might aim to move toward the $2,880 support zone in the stated case. Any more losses might send the price toward the 50-week simple moving average (blue) at $2,000.
Overall, Ethereum’s price has gained above the $3,800 level. If the bulls remain active above $3,340, ETH might soon rally past $4,000 to test $4,500 and then $5,000 in the coming weeks.
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