Important points
- ETH has risen 5.5% in the past 24 hours and is currently trading above $4,100.
- The coin could rise towards the $4,500 resistance level soon.
Bullish trend returns, Ether reaches $4,200
Ether, the second-largest cryptocurrency by market capitalization, has risen more than 5% in the past 24 hours. This rally briefly allowed the coin to reach the $4,200 level, but it has since fallen back and is currently trading at around $4,160 per coin.
This latest development comes as Bitcoin and the broader cryptocurrency market recorded a great weekend. Bitcoin has added 3.5% to its value and is once again trading above $115,000.
Bitcoin, Ether, and other major altcoins recorded gains, with the crypto market cap now reaching $3.91 trillion. Technical indicators suggest further buying pressure, and Ether could move higher in the short term.
Ethereum could soar to $4,500 amid bullish indicators
The 4-hour chart of ETH/USD is bearish and efficient even though Ethereum has increased its value by 5% in the past 24 hours. Technical indicators suggest that Ether may face further buying pressure thanks to the rally.
Ether price rose 5% last week and closed the weekly candlestick above the 50-day EMA at $4,129 on Sunday. It briefly rose to $4,206 on Monday, but is currently trading around $4,160.
The RSI 67 indicates bullish momentum and the MACD line has been showing a buy signal for the past few days. If Ether closes above the day’s resistance at $4,232, it could continue moving higher towards the next major resistance and TLQ level at $4,529. If the bullish development continues, Ether may be able to regain its recent highs above $4,700.
However, if Ether faces a correction after its recent rally, it could fall towards the key support level at $3,593.