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Will Ether rise towards $ 4,500 after its recent rebound?

 


The cryptocurrency market is slowly recovering from its recent losses and some coins are rising by more than 5%.

The broader crypto market saw massive losses over the weekend, with the prices of most cryptocurrencies plummeting by more than 10%. Bitcoin fell below $ 50,000 for the first time since August, while Ether slipped below the psychological point of $ 4,000.

However, the market has started to recover from the losses and Ether is one of the biggest winners. The second largest cryptocurrency is up more than 5% in the past 24 hours and is currently trading above $ 4,300 per coin.

At the time of writing, ETH is trading at $ 4,380 per coin. There is no obvious catalyst behind this move as the broader cryptocurrency market is recovering from its recent losses. Bitcoin is also recovering and is now trading above $ 51,000 per coin.

An overview of important levels

The ETH / USD 4-hour chart is one of the most bullish among the top ten cryptocurrencies by market capitalization. The RSI of 69 shows that Ethereum is heading into overbought territory. This suggests that the coin is now in bullish territory.

The MACD line is also above the neutral zone, indicating the current bullish nature of ETH. For the day ahead, ETH would have to avoid the $ 4,216 pivot if it wants a chance to break the first major resistance level at $ 4,519.

However, it would need the support of the broader cryptocurrency market if it were to test the second major resistance level at $ 4,700 before the end of the day. On the flip side, a dip below the $ 4,216 pivot in the coming hours would bring the first major support level into play at $ 4,051.

Unless there is a prolonged market sell-off, ETH should be able to defend the support level above USD 3,900 in the coming hours.

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