Ethereum price is up 2% in the past 24 hours. Overcoming the $4,750 resistance level is crucial to ETH rising to new record highs.
Ethereum price appears set to continue its price discovery as it remains elevated propelled by increased media attention that has resulted in growing investor appetite. Even the ETH turning away from the November 10 all-time high (ATH) around $4,869 appears not to bother the buyers at the moment with Ethereum bulls targeting new record highs above $5K.
The $4,750 Level Crucial For Ethereum Price Breakout Upwards
ETH price is bullish at it trades at $4,724 on most crypto exchanges. Ethereum price action has created a pennant on the four-hour chart with bulls currently fighting resistance from the $4,750 level provided by the pennant’s downtrend line.
Note that for Ethereum to add oomph into the current bullish run, it must overcome the said resistance. If this happens, it will trigger buy orders which are likely to propel the price of the biggest altcoin by market capitalization above the ATH towards $5,000.
Before this, the bulls have to overcome significant hurdles around $4,780 and $4,800 respectively.
The upsloping moving averages and the position of the Relative Strength Index (RSI) indicator above the midline validate Ethereum’s bullish outlook.
Moreover, the Moving Average Convergence Divergence (MACD) indicator has just sent a buy signal on the four-hour chart adding credence to ETH’s bullish narrative. This happened when the MACD line (blue) crossed above the signal line (orange) earlier today. Note that the Ethereum price bullish momentum will be sustained further once the MACD line crosses the zero line into the positive region.
ETH/USD Four-Hour Chart
On the other hand, if Ethereum price closes the session below the immediate support provided by the 50-period Simple Moving Average (SMA) around $4,685, ETH may drop to tag Monday’s opening price around $4,626. A drop further could see the smart contract giant’s token tank below the $4,600 psychological level to seek solace at the 100 SMA around $4,559.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.