Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K

Ethereum started a fresh increase and it traded to a new all-time high above $4,250 against the US Dollar. ETH price is now showing signs of more upsides towards $4,500.

Ethereum found support near $3,700 and it surged to a new all-time high near $4,280.
The price is trading well above $4,200 and the 100 hourly simple moving average.
There was a break above a major contracting triangle with resistance near $4,045 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue higher towards the $4,350 and $4,500 levels.

Ethereum Price Resumes Rally
After a sharp decline, ethereum found support above the $3,600 zone. ETH formed a base above the $3,700 level and it started a fresh increase. There was a clear break above the $4,000 resistance level.
There was also a break above a major contracting triangle with resistance near $4,045 on the hourly chart of ETH/USD. The bulls were able to clear the 76.4% Fib retracement level of the key decline from the $4,215 swing high to $3,500 swing low.
Ether is now trading well above $4,200 and the 100 hourly simple moving average. It cleared the last swing high and traded to a new all-time high near $4,280. The current price action suggests high chances of more gains above the $4,300 level.

Source: ETHUSD on TradingView.com
The first major resistance is near the $4,380 level. It is near the 1.236 Fib extension level of the key decline from the $4,215 swing high to $3,500 swing low.
A clear break above the $4,380 level could set the pace for a larger increase. The next target for the bulls may possibly be near the $4,500 level.
Dips Limited in ETH?
If Ethereum fails to continue higher towards $4,380, it could start another downside correction. An initial support on the downside is near the $4,210 level (the recent breakout zone).
The first key support is near the $4,150 level. The main support is now forming near the $4,000 level. If there is a downside break below the $4,000 zone, the price could decline towards the $3,700 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level.
Major Support Level – $4,150
Major Resistance Level – $4,380

bitcoin
Bitcoin (BTC) $ 17,137.70
ethereum
Ethereum (ETH) $ 1,281.52
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 292.46
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.392140
dogecoin
Dogecoin (DOGE) $ 0.104628
cardano
Cardano (ADA) $ 0.323433
matic-network
Polygon (MATIC) $ 0.923800
polkadot
Polkadot (DOT) $ 5.60
staked-ether
Lido Staked Ether (STETH) $ 1,268.07
litecoin
Litecoin (LTC) $ 77.24
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.80
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.75
tron
TRON (TRX) $ 0.053290
uniswap
Uniswap (UNI) $ 6.27
avalanche-2
Avalanche (AVAX) $ 13.96
chainlink
Chainlink (LINK) $ 7.46
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,096.44
leo-token
LEO Token (LEO) $ 3.81
cosmos
Cosmos Hub (ATOM) $ 10.28
ethereum-classic
Ethereum Classic (ETC) $ 19.58
the-open-network
The Open Network (TON) $ 1.81
monero
Monero (XMR) $ 142.68
stellar
Stellar (XLM) $ 0.088224
bitcoin-cash
Bitcoin Cash (BCH) $ 111.28
quant-network
Quant (QNT) $ 129.26
algorand
Algorand (ALGO) $ 0.241340
crypto-com-chain
Cronos (CRO) $ 0.065015
filecoin
Filecoin (FIL) $ 4.58
near
NEAR Protocol (NEAR) $ 1.73
apecoin
ApeCoin (APE) $ 4.00
vechain
VeChain (VET) $ 0.019363
hedera-hashgraph
Hedera (HBAR) $ 0.048292
internet-computer
Internet Computer (ICP) $ 4.36
flow
Flow (FLOW) $ 1.14
terra-luna
Terra Luna Classic (LUNC) $ 0.000176
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.30
frax
Frax (FRAX) $ 0.999973
eos
EOS (EOS) $ 0.933057
trust-wallet-token
Trust Wallet (TWT) $ 2.43
the-sandbox
The Sandbox (SAND) $ 0.592800
tezos
Tezos (XTZ) $ 1.01
aave
Aave (AAVE) $ 64.52
chiliz
Chiliz (CHZ) $ 0.167826
theta-token
Theta Network (THETA) $ 0.893240
lido-dao
Lido DAO (LDO) $ 1.11