The Ethereum price has risen more than 6 percent today, as the ETH price is now above $4,700. Sentiment around the currency is very positive. Does this mean that the biggest altcoin will break the psychological $5,000 barrier?
Ethereum could break the $5,000 barrier soon
The Ethereum price reached a low of $3,920 on November 26, but has since then started a nice recovery. The ETH price has risen to a high of $4,782 in the 5 days since. In particular, the break above USD 4,650 and the break above the 100-hour SMA is a positive sign for the altcoin.
For now, there is resistance around USD 4,775. After this, there is a somewhat larger resistance around USD 4,800. A price rise above this level could trigger a significant rally. It might even break the psychological $5,000 from this point.
However, if Ethereum fails to break through $4,800 in the near term, it could trigger a downside correction. For now, the first support is near $4,675. The real major support is at the USD 4,550 level. For now, the Ethereum charts look good and there seems to be a good chance that the altcoin will soon reach the $5,000 mark.