Key takeaways
- ETH is up 5.5% in the last 24 hours and is trading above $4,100.
- The coin could soon push toward resistance near $4,500.
Ether hits $4,200 as bullish momentum returns
Ether, the second-largest cryptocurrency by market capitalization, has risen more than 5% over the past 24 hours. The rally briefly pushed the coin to the $4,200 level before it pulled back and now trades around $4,160 per coin.
This move follows a strong weekend for Bitcoin and the broader crypto market. Bitcoin is trading above $115,000 again after adding roughly 3.5% to its value.
With Bitcoin, Ether and other major altcoins posting gains, total crypto market capitalization now stands at approximately $3.91 trillion. Technical indicators suggest Ether may climb further in the short term as buying pressure continues.
Ethereum could reach $4,500 amid bullish indicators
Although the ETH/USD 4-hour chart still shows mixed signals, Ether’s 5% gain in the past day reflects renewed bullish sentiment. Several technical tools point to increased buying interest following the recent rally.
Ether’s price rose about 5% last week and closed the weekly candle above the 50-day EMA at $4,129 on Sunday. It briefly climbed to $4,206 on Monday before retracting to trade near $4,160.
A 67 reading on the RSI signals bullish momentum, and recent MACD movement has flashed a buy signal. If Ether breaks and closes above the daily resistance at $4,232, it could continue higher toward the next major resistance and TLQ level at $4,529. A sustained bullish run could see Ether reclaim its recent highs above $4,700.
On the downside, a corrective pullback after the recent surge could drive Ether toward the key support level near $3,593.