Chart by TradingView
Key Support level: $4,354
Key Resistance level: $5,075
After a short-lived correction last week, ETH found good support on the $4,354 level and rallied to set a new all-time high today. The weekend volume was low, but today, the bulls kept the price on the uptrend and pushed higher as bears seem to be absent from the market.
The key resistance at $5,075 remains the most likely battlefield for the next encounter between bulls and bears.
Trading Volume: We saw a weak volume over the weekend. However, today, the bulls came in strong and pushed ETH much higher. This is an excellent momentum that might take ETH to $5,000.
RSI: The RSI continues to remain just under the 70 points level on the daily timeframe and may break above at any moment. This indicates a strong bullish trend.
MACD: The histogram on the daily timeframe is bullish, and a bearish cross appears unlikely unless ETH is sharply rejected at the $5,075 resistance. However, the histogram is signaling a bearish divergence. Therefore, best to be on guard for that.
The bias on Ethereum is very bullish. This will be revisited if the price arrives at the $5,075 resistance where bears might take over and lead ETH in a short correction.
ETH is very close to setting a new record-breaking price at $5,000. The momentum is there, and this can happen at any time. It looks increasingly possible for the cryptocurrency to take a stab at this level, and it might happen at any moment.
