Key takeaways
- Ether reclaimed the $4,600 level for a few hours after the Fed cut the reference rate.
- The leading altcoin could soon test resistance near $4,800 amid strong on-chain metrics.
Ether hits $4,600 as market conditions turn bullish
Ether, the second-largest cryptocurrency by market capitalization and the dominant altcoin, has risen more than 1% over the past 24 hours. That move allowed Ether to reach the $4,600 mark for a short period, though it has since pulled back slightly and is trading around $4,580.
The rally followed the Federal Reserve’s decision to lower the policy rate by a quarter percentage point on Wednesday. Fed Chair Jerome Powell said there was no basis for a larger cut while explaining the central bank’s choice to begin easing now.
On-chain data for Ethereum (ETH) also appears bullish, suggesting the token could push higher in the near term. The Ethereum network is showing rising whale demand, low selling pressure, recovery in network activity, and an expanding stablecoin supply. These signals point to robust underlying demand for ETH.
ETH eyes $4,800 as momentum indicators turn positive
The ETH/USD 4‑hour chart has turned bullish following Ether’s recent upward move. Momentum indicators have flipped positive as the market has turned green, supporting the prospect of further gains in the short term.
An RSI reading near 54 indicates buyers have regained control, while MACD lines have crossed into bullish territory. If this bullish momentum persists, Ether could challenge the resistance area around $4,778 in the near term. Breaking past the current all-time high of $4,956 would require broader market support and stronger buying pressure.
If the market undergoes a correction after this rally, ETH could retest the recent support level near $4,427. Failure to hold that support might push prices lower toward the $4,202 area. Traders should watch on-chain metrics and macro developments closely, as both will influence whether this bullish phase continues or reverses.