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Ethereum price imminent rise to $5,000 could trigger the altcoin season


coingape.com 12 May 2021 04:22, UTC
Reading time: ~2 m

Ethereum is flying the bullish flag above the horizon in the cryptocurrency space. Data by CoinGecko show that Ether has incurred double-digit gains barely a day after reclaiming support at $4,000. The flagship smart contract token has attracted $64 billion in trading volume over the last 24 hours, $2 billion above Bitcoin’s.

Ethereum hits another milestone toward $5,000

Ethereum has hit a new record high above $4,300, paving the way for gains heading to $5,000. The liftoff is no longer a matter of if but when based on the short-term technical levels on the four-hour chart.

The Relative Strength Index (RSI) crosses into the overbought region to validate the upswing. This trend strength indicator hit this area the last time and extended the movement to 86. If the same move occurs, Ethereum’s uptrend will last longer than expected.

ETH/USD four-hour chart

Ethereum is exchanging hands at $4,340 at the time of writing. Buyers have their eyes on levels beyond $4,400 to trigger more buy orders. In the meantime, the Moving Average Convergence Divergence (MACD) has a massive bullish signal.

The MACD tracks the assets’ trend and measures its moment. Traders use this indicator alongside other technical levels and chart patterns to identify entry and exit positions. A MACD line (blue) cross above the signal line is a potentially massive bullish signal. Therefore, as observed on the chart, Ethereum’s least resistance path is north.

Ethereum intraday levels

Spot rate: $4,340

Trend: Bullish

Volatility: High

Support: $4,200, $4,000 and $3,600

Resistance: $4,400

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