Ethereum Regains Strength, Indicators Suggest Fresh Run To $4,850

By November 15, 2021Ethereum
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The Ethereum price increased by $4,500 against the US Dollar. ETH may increase to $4,850 if it does not exceed the 100 hourly SMA.

  • Ethereum experienced a significant increase in value above and beyond the previous $4,600, $4,700, levels.
  • The current price trades above $4,650 as well as the simple 100-hour moving average.
  • On the hourly chart of Ethereum/USD, there was an upward movement above the main bearish trend line. Resistance is near $4630. (Data feed via Kraken).
  • In the short term, the pair may extend gains beyond the $4800 resistance zone.

Ethereum Price Sees More Positives

Ethereum formed an adequate support base at the $4,000.500 level. ETH’s price rose to above the $4,000. resistance level and the 100 hourly simple moving mean.

The hourly chart for ETH/USD showed a breakout above the major bearish trendline with resistance at $4,630. While the pair has reached the $4700 mark, resistance is near $4725 at the moment.

Ether continues to consolidate gains and trades at around $4,700. This is also above the 23.6% Fib level for the upward movement from the $4.520 swing low to the $4.725 high. Near the $4,725 threshold is immediate resistance.

Ethereum Price
Source: TradingView.com, ETHUSD

Near the $4,750 mark is the next significant resistance. A breakout above the $4750 level could trigger a new rally. Next is $4,850. In the short term, any further gains may push the price to the $5,000 mark.

What are the Dips in ETH Supported?

It could continue its downward correction if it fails to rise above the resistance levels of $4,725 or $4,750. Initial support is at the $4,675 mark.

It is located near the $4650 level, and close to the 100 hourly SMA. Near the $4620 level is the next support. The Fib level is close to the 50% fib retracement of the upward movement from $4,520 low to $4.725 high. Price could move towards $4,550 support if it experiences more downturns. Near the $4,500 support level is the next significant support for bulls.

Indicators of technical importance

Minutely MACDSlowly, the MACD for USD/ETH is losing momentum in bullish territory.

Hourly RSIThe RSI is well over 50 for USD/ETH.

Major Support Level – $4,550

Major Resistance Level – $4,850

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