Key Takeaways
- Ether reclaimed the $4,300 level after briefly dipping into the $4,200 area on Tuesday.
- The second-largest cryptocurrency by market capitalization could push above the $4,500 resistance within the next few hours.
Strong $4,200 Support Holds for Ether
The cryptocurrency market started the week on a positive note but suffered a short-lived dump on Tuesday. Bitcoin fell into the $110k area, weighing on Ether and other major cryptocurrencies.
Despite this, Ether held firm at the $4,200 support, forming a recent low around $4,211 a few hours ago. Like Bitcoin, Ether rebounded from that washout level and is now trading above $4,300.
Ether has remained above $4,000 in recent days after reaching an all-time high of $4,953 in August. The strong support above $4,000 suggests that Ether’s rally may not be over and raises the possibility of an imminent breakout.
Ether Eyes $4,500 Amid Bullish Sentiment
The 4-hour ETH/USD chart looks bullish and orderly, reflecting Ether’s solid performance over the past several days. Technical indicators point to the $4,200 zone acting as a springboard for further gains in the near term.
An RSI around 50 signals that bearish momentum has cooled, while bulls are gradually regaining control of the market. The MACD lines are also converging into bullish territory, indicating buyers are taking charge.
If the recovery continues, ETH could surge past the $4,500 resistance within hours. A sustained bullish run could drive Ether to $4,656 before it challenges its all-time high again.
On the other hand, a deeper correction could see ETH break the $4,200 support and test the $4,050 low formed on August 20.