Key takeaways
- ETH rose 5.5% in the past 24 hours and is now trading above $4,100.
- The coin could soon rally toward the $4,500 resistance level.
Ether hits $4,200 as bullish trend returns
Ether, the second-largest cryptocurrency by market capitalization, gained more than 5% over the last 24 hours. That surge pushed the token briefly to $4,200 before a slight pullback; it is currently trading around $4,160 per coin.
This move comes as Bitcoin and the broader crypto market enjoyed a strong weekend. Bitcoin climbed above $115,000 once again after adding roughly 3.5% in value.
With Bitcoin, Ether and other major altcoins posting gains, the total crypto market capitalization has risen to about $3.91 trillion. Technical indicators suggest Ether may continue to push higher as buying pressure builds.
Ethereum could surge to $4,500 amid bullish signals
The ETH/USD four-hour chart remains constructive as Ether added 5% in the last day. Technicals point to additional buying pressure supporting the recent rally.
Over the past week Ether climbed about 5%, closing the weekly candle above the 50-day EMA at $4,129 on Sunday. The price briefly reached $4,206 on Monday before pulling back; it now trades around $4,160.
An RSI reading near 67 indicates bullish momentum, while the MACD line has produced buy signals in recent days. A decisive break and daily close above the $4,232 resistance could propel Ether toward the next key resistance and trendline level near $4,529. An extended bullish advance might enable Ether to reclaim recent highs above $4,700.
Conversely, if Ether faces a correction after this upswing, support may emerge around the $3,593 level.