Key Takeaways
- ETH has risen 5.5% in the last 24 hours and is now trading above $4,100.
- The coin may soon move toward a resistance area near $4,500.
Ether Tops $4,200 as Uptrend Returns
Ether, the second-largest cryptocurrency by market capitalization, climbed more than 5% in the past 24 hours. The rally briefly pushed the price above $4,200 before it settled near $4,160 per coin.
This move occurred alongside a strong weekend for Bitcoin and the broader crypto market. Bitcoin also gained, trading back above $115,000 after a roughly 3.5% increase.
With Bitcoin, Ether and other leading altcoins posting gains, the total cryptocurrency market capitalization now stands around $3.91 trillion. Technical indicators suggest Ether could extend its gains as buying pressure builds.
Ethereum Could Climb to $4,500 Amid Bullish Signals
The 4-hour chart for ETH/USD shows a constructive uptrend, even though Ether has advanced about 5% in the past day. Momentum indicators point to continued buying interest following the recent rally.
Over the past week Ether rose roughly 5% and closed the weekly candle above the 50-day EMA at $4,129. On Monday the price briefly touched $4,206 before pulling back to around $4,160.
The RSI at 67 signals bullish momentum, and the MACD lines flashed a buy signal in recent sessions. If Ether breaks and closes above the daily resistance at $4,232, the rally could continue toward the next major resistance and TLQ level near $4,529. A sustained uptrend could even allow Ether to reclaim its recent highs above $4,700.
Conversely, if Ether undergoes a correction after the recent advance, the price could retreat toward key support around $3,593.