- Ethereum price was trading below the support levels of $4,880 range after clearing the resistance level of about $4,694 mark on high volume.
- Ethereum has an RSI of approximately 70, making it potentially overbought before a critical resistance.
- Ethereum has support-points at $4,107 and $3,941, in case of a small correction.
Ethereum price is seeing increased activity as it closes in on key resistance level of $4,880, making traders take notice. Recent price rise and increasing volume shows strong bullish trend and the next few sessions could decide whether Ethereum price can continue its rise or suffer a correction.
Ethereum Price Approaches Critical Resistance at $4,880
In the past week, Ethereum price has surged with notable bullish pressure, breaching a major resistance at $4107 and $4694 to rally to a high of $4,870 during the session. As per analyst Michaël van de Poppe, Ethereum price is now approaching a crucial area below the mark of $4,880 that has always been serving as sturdy resistance in the past. A clear breakout above the level could send the price of Ethereum towards the $5,000 mark, but a failure to do so may result in a slump to support at $4,694 or $4,107.
Source: Michaël van de Poppe/X
The Relative Strength Index (RSI) on Ethereum price is around 70, suggesting an overbought situation and a possible span of lesser gains or a brief break. As long as momentum works and volume is high, Ethereum price might break $4880 and reach a new range of $5000-$5100. On the downside, a further decline may reach $3,941, where traders may secure new purchases.
Ethereum price has risen above $4107 and $4694 resistance levels to hit an intraday high of $4870. Analyst TedPillows says it is currently edging closer to $4,880 resistance, which is likely to either cause a breakout towards $5,000 or a reversal towards $4,694.
Source: TedPillows/X
Ethereum price has a Relative Strength Index of around 70, indicating that the price is overbought and might soon stagnate or reverse. With momentum and volume at its current level, Ethereum could breach the $4,880 and set a new range between $5,000 and $5,100. On the negative, a further downside may challenge the lows of $3,941, which would be a possible buying point.
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