Bitcoin Price entered the consolidation phase as the price failed to gain momentum above $64,000 and corrected lower below $63,000. While most major altcoins are showing mixed results, Ethereum is struggling to Break above $4,600.
ETH Price had gained pace and hit a new all-time high above $4,650. Further, ETH corrected gains and is now trading at $4,567.72. However, the largest altcoin might not drop below $4,400
Ethereum Price Analysis
At press time the second largest cryptocurrency is trading well above the $4500 level. As per the 1hr chart, a bullish trend line is formed with support at the $4,540 level. Initial resistance lies near the $4,600 level. On a successful breakout, the next major resistance is near the $4,620 level. Later, In the case of an extended rally, a break above the $4,620 level may come into play.
On the downside, The initial major support is at the $4,540 level. In case the ETH price undergoes a major correction, the price may test the $4,500 support. Further, the next support for the bulls lies at the $4,450 level.
Overall, aa per one-hour time frame, the MACD indicator is slightly moving away from the bullish zone. RSI indicators are near 50 levels. With the current market sentiments, the major support lies at $4,500 and major resistance lies at $4,620.
Ethereum Price Poised to it $6k If Clears Crucial Levels
According to Fairlead Strategies’ Katie Stockton, the second-largest cryptocurrency could move upward to hit $6,000 if it manages to hold above a key technical level.
As per Stockton, Ethereum Price needs to mark two weekly closes above its prior resistance at $4,384 in order to maintain recent gains to hit a new all-time high above $4,600.
If ETH’s price ends this Friday ( Ethereum Options Expiry ) and the next one is above the $4,600 mark, ETH’s price may rise as much as 33% from its current levels to hit the $6,000 mark in the next six to 12 months.
On the flip side, if the cryptocurrency fails to close above $4,384, then traders can expect ETH price to test support around the $3,340 mark with 26% downfall.