- There is a heavy resistance point of $4,500 on Ethereum price, but support lines at $4,200- $4,300 maintain bullish momentum.
- Ethereum price is being pressured to fall lower, but several points of support indicate potential of a further rise.
- Ethereum price indicates a bullish trend since the super trend indicator is green, indicating possible upward movements at crucial resistance points.
Ethereum price has been performing significantly well in the past few months with its price rising steadily. With Ethereum price nearing the critical $4,500 resistance stage, traders, and investors are wondering whether it can break through this stage and extend its bullish trend. The result of this possible breakout may have a considerable impact on the future price movement of the cryptocurrency.
Ethereum Price Faces Key Resistance at $4,500
Etherium price is near the resistance level of $4500 above which it has failed to rise on several occasions. As per analysis by Merlijn The Trader, the price is currently under intense selling pressure between a range of $4,500 and $4,550, and that is a key target price point to look out in the future. A breakout above this resistance may open the door to more gains, targeting $4,850 and $5,600.
Source: Merlijn The Trader/X
Ethereum is trading at around $4,550 at the moment, which places it at a critical point. A successful rise above $4,500 may trigger an upward trend to the levels at $5,000-5,600. Failure to breach may lead to a correction, with the key support at $3,000 and 2,450. This resistance level will reveal the next significant move of Ethereum.
The price action of Ethereum near the level of 4,500 is pivotal. Analyst IncomeSharks notes that without breaking the red resistance, Ethereum price might correct towards supports at $4,200 or even $3,800, which may signify a loss of upside momentum. The traders will be monitoring if it is a reversal or a continuation pattern to define the next action.
Source: IncomeSharks/X
However, in case Ethereum price succeeds in breaching and consolidating above $4,500, the next barrier may be at $4,800, followed by the objective at $5,000. Market sentiment, as well as volume, will play a crucial role in whether Ethereum price can surpass said levels or if a retracement towards lower levels of support may occur such as at $4,200 and $3,800.
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