Ethereum Holds Key Support, What Could Spark A Fresh Rally

Ethereum is facing resistance near the $4,600 zone against the US Dollar. ETH must stay above $4,450 to start a steady increase in the near term. Ethereum is consolidating above the key $4,450 support zone. The price is now trading above $4,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally as long as it is above the $4,450 level and the 100 hourly SMA. Ethereum Price Attempts Fresh Increase Ethereum declined below the $4,500 support, but the bulls defended the $4,450 zone. ETH seems to be forming a base above the $4,450 support level and is slowly rising. There was a break above the $4,500 level and the 100 hourly simple moving average. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. It is now consolidating above the $4,520 level. An initial resistance on the upside is near the $4,600 level. There is also a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD. The first major resistance is near the $4,620 level. It is near the 50% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. A clear move above the $4,600 and $4,620 levels could send the price further higher. Source: ETHUSD on TradingView.com The next major resistance is near the $4,70...