Key takeaways
ETH is up 5.5% in the last 24 hours and is now trading above $4,100.
The coin could rally towards the $4,500 resistance level soon.
Ether hits $4,200 as the bullish trend returns
Ether, the second-largest cryptocurrency by market cap, is up by more than 5% in the last 24 hours. The rally allowed the coin to briefly hit the $4,200 level before retracing to now trade at around $4,160 per coin.
This latest development comes as Bitcoin and the broader cryptocurrency market recorded an excellent weekend. Bitcoin is trading above $115k once again after adding 3.5% to its value.
With Bitcoin, Ether, and other leading altcoins recording gains, the total cryptocurrency market cap now stands at $3.91 trillion. Ether could rally higher in the near term, with the technical indicators suggesting further buying pressure.
Ethereum could surge to $4,500 amid bullish indicators
The ETH/USD 4-hour chart is bearish and efficient despite Ether adding 5% to its value in the last 24 hours. The technical indicators suggest that Ether could face further buying pressure thanks to its rally.
Ether’s price surged by 5% last week, closing the weekly candle above the 50-day EMA at $4,129 on Sunday. It briefly climbed to $4,206 on Monday before retracing to now trading around $4,160.
The RSI of 67 shows a bullish momentum, with the MACD lines flashing a buying signal in the last few days. If Ether breaks and closes above its daily resistance of $4,232, it could continue its rally towards the next major resistance and TLQ level at $4,529. An extended bullish run could allow Ether to reclaim its recent high above $4,700.
However, if Ether faces a correction following its recent run, it could dip towards the major support level at $3,593.
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