Key takeaways
- ETH rose 5.5% over the past 24 hours and is now trading above $4,100.
- The coin could soon push toward the $4,500 resistance level.
Ether reaches $4,200 as uptrend resumes
Ether, the second-largest cryptocurrency by market capitalization, climbed more than 5% in the last 24 hours. The rally briefly lifted the token to $4,200 before it pulled back to around $4,160 per coin.
This move comes as Bitcoin and the broader crypto market enjoyed a strong weekend. Bitcoin is again trading above $115,000 after gaining roughly 3.5%.
With Bitcoin, Ether and other leading altcoins advancing, total crypto market capitalization now stands at approximately $3.91 trillion. Ether appears poised for further gains in the near term, and technical indicators point to continued buying pressure.
Ethereum could climb to $4,500 amid bullish indicators
The 4-hour ETH/USD chart shows bullish momentum despite Ether’s recent 5% rise over 24 hours. Technical indicators suggest the rally may attract additional buyers.
Ether rose about 5% last week and closed the weekly candle above the 50-day EMA at $4,129. On Monday it briefly reached $4,206 before pulling back to the current area near $4,160.
The RSI reading around 67 indicates bullish momentum, while MACD lines have been signaling buy conditions over the past few days. A decisive break and daily close above resistance at $4,232 could propel Ether toward the next major resistance and TLQ level near $4,529. If the bullish run extends, Ether could reclaim its recent highs above $4,700.
Conversely, if Ether faces a corrective pullback after the recent advance, the token could slide toward key support around $3,593.