Monday, July 22, 2024

Ethereum rises with 6%, will it break the $5K barrier?

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.

Ethereum 5k barrier

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.

Donat - CryptoCoinia
Donat - CryptoCoinia
Copywriter at CryptoCoinia.

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