Key takeaways
- ETH rose 5.5% over the past 24 hours and is now trading above $4,100.
- The coin could soon approach the $4,500 resistance level.
Ether climbs to $4,200 as bullish momentum returns
Ether, the second-largest cryptocurrency by market capitalization, has gained more than 5% in the last 24 hours. The rally briefly pushed the asset to $4,200 before pulling back; it is currently trading around $4,160 per token.
This move comes as Bitcoin and the broader crypto market enjoyed a strong weekend. Bitcoin is trading back above $115,000 after adding roughly 3.5% to its value.
With Bitcoin, Ether and other leading altcoins posting gains, total cryptocurrency market capitalization now stands at $3.91 trillion. Technical indicators suggest Ether could extend gains in the short term as buying pressure returns.
Ethereum may target $4,500 amid bullish indicators
The 4-hour ETH/USD chart remains mixed despite Ether’s 5% rise in the past day. Still, technical signals point to renewed buying pressure that could support a further rally.
Ether’s price rose about 5% last week, closing the weekly candle above the 50-day EMA at $4,129 on Sunday. It briefly reached $4,206 on Monday before settling near $4,160.
The Relative Strength Index at 67 indicates bullish momentum, and the MACD lines have generated a buy signal in recent days. If Ether breaks and closes above the daily resistance at $4,232, it could push toward the next key resistance and trendline quota (TLQ) around $4,529. A sustained bullish run could see Ether reclaim its recent highs above $4,700.
On the other hand, a corrective pullback after the recent advance could drive Ether down toward the major support level near $3,593.