TA: Ethereum Sets New ATH, Why ETH Could Soon Test $5K

Ethereum surged over 5% and surpassed $4,500 against the US Dollar. ETH traded to a new all-time high and it could continue to rise towards $5,000 in the near term. Ethereum gained pace above the $4,450 and $4,500 resistance levels. The price is now trading above $4,400 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $4,340 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh rally if it clears the $4,600 resistance in the near term. Ethereum Price Extends Rally Ethereum formed a base above the $4,250 and $4,300 support levels. ETH started a fresh rally above the $4,400 resistance zone and the 100 hourly simple moving average. The price even climbed above $4,500 and traded to a new all-time high. There was also a break above a key bearish trend line with resistance near $4,340 on the hourly chart of ETH/USD. It traded as high as $4,642 before there was a downside correction. There was a break below the $4,600 level. Ether is now approaching the 23.6% Fib retracement level of the recent wave from the $4,150 swing low to $4,642 high. Source: ETHUSD on TradingView.com It is now trading well above $4,400 and the 100 hourly SMA. An immediate resistance on the upside is near the $4,600 level. The next major resistance is near the $4,640 level. A break above the $4,640 level may possibly push the price above the $4,720 level in the near ter...