Key Points
- Ether reclaimed the $4,600 level a few hours after the Federal Reserve cut its benchmark interest rate.
- Major altcoins, supported by strong on-chain data, could soon challenge the $4,800 resistance level.
Ether reaches $4,600 as market sentiment turns bullish
Ether, the second-largest cryptocurrency by market capitalization and a leading altcoin, has risen more than 1% over the past 24 hours. This positive move pushed Ether above the $4,600 mark a few hours ago; it has since pulled back slightly and is trading around $4,580.
The uptick followed the Federal Reserve’s decision on Wednesday to cut interest rates by 25 basis points. Fed Chair Jerome Powell defended the timing of the rate cut, saying there was no justification for a larger reduction at this time.
On-chain metrics for Ethereum also point to a bullish outlook, suggesting upside potential in the near term. The Ethereum network has seen increased whale demand, reduced selling pressure, a recovery in network activity, and greater stablecoin supply. These solid on-chain signals reinforce the recent price strength.
ETH eyes $4,800 as momentum indicators flip bullish
The 4-hour ETH/USD chart shows an efficient bullish trend over the past several days, driven by Ether’s recent gains. With the market turning green, momentum indicators have shifted to bullish territory, implying further upside in the short term.
An RSI reading near 54 indicates that buyers have reclaimed control of the market. The MACD line has also entered bullish territory. If this bullish trend continues, Ether could push past the near-term resistance at $4,778. However, retaking the current all-time high of $4,956 would likely require broader market support.
If the market decides to correct after this rally, ETH could retest recent support around $4,427. Failure to hold that level may open the door to a deeper pullback toward $4,202.