- The Ethereum price rose 13.8 percent in 24 hours, now standing at 4,841, having moved upwards since the previous day, when it traded at 4,220, with more than 71 billion in volume.
- ETH price is forming a bull flag above the $4,800 after a strong breakout, which is supported by increased volume and positive momentum indicators.
- RSI is above 84, and the MACD histogram signal is strong buying pressure without any indication of trend reversal.
Ethereum price has soared over the $4800 mark this week and has gained more than 13% of its market value within 24 hours of trading, thus creating rippling strength among trading watchdogs. Ethereum, after gaining momentum rapidly in its run up broke above $4,200 but has since settled around the $4,840 resistance level and appears to be forming a consolidation. Expectations are that the breakout may be imminent, and it can rally ETH price up to $5,500.
ETH Price Consolidates Near Highs as Buyers Maintain Pressure
Ethereum price broke out from a multi-day consolidation phase on August 21, lifting prices from $4,200 to nearly $4,850. The rally occurred with a sharp increase in volume, more than doubling in 24 hours to reach over $71 billion. The sudden move came with minimal resistance, suggesting strong market buying rather than speculation alone.
The latest hourly candles show strong-bodied bullish formations with little to no lower wicks. This reflects firm buyer control and minimal downward pressure. The price has not dropped below the breakout point of $4,800; however, a possible bull flag pattern is created. An extension of the move to higher levels above the level of $4,865 would validate this formation and drive prices towards the price target of $5,000.
Based on the technical indicators on the hourly chart, the positive trend in Ethereum persists. The MACD is in a wide disparity with the histogram widening on the positive scale. The MACD line has surged above the signal line, and still no bearish crossover has materialised.
Source: TradingView
The RSI is now standing at a reading of above 84, which is in the overbought region. This does imply there could be a temporary cooling-off period, but healthy bullish markets may show RSI remaining high over long distances. Indicators based on volume also favor further purchase, as the Accumulation/Distribution Line increases and the Cumulative Volume Delta is also positive.
Key near-term levels are found at $4,600 and then around $4,400. These levels are an indication of prior opposition at the start of the rally. In case Ethereum cannot maintain the support at the $4,800 support area, traders can target these levels.
Despite RSI concerns, there are no bearish divergences or volume declines visible at this stage. As long as ETH price holds above the $4,700–$4,800 zone, the market may favor a continued push toward the $5,000 mark and beyond. A confirmed breakout could target the $5,150–$5,300 range based on prior breakout measurements, with $5,500 in focus if momentum continues.
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