TA: Ethereum Recovers Losses, Why ETH Could Aim A Test of $5K

Ethereum recovered losses and climbed above $4,700 against the US Dollar. ETH must clear the $4,850 resistance for a move towards the $5,000 level. Ethereum started a fresh increase above the $4,650 and $4,700 levels. The price is now trading above $4,700 and the 100 hourly simple moving average. There is a key rising channel forming with support near $4,735 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $4,650 support zone. Ethereum Price Eyes More Upsides Ethereum found support near the $4,450 level after a sharp decline. ETH price formed a base and started a fresh increase above the $4,600 resistance. The price was able to clear the 61.8% Fib retracement level of the last key decline from the $4,865 high to $4,452 low. There was a break above the $4,650 and $4,700 resistance levels. Ether price is now trading above $4,700 and the 100 hourly simple moving average. Besides, there is a key rising channel forming with support near $4,735 on the hourly chart of ETH/USD. An initial resistance on the upside is near the $4,800 level. Source: ETHUSD on TradingView.com The next major resistance is near the $4,850 level. A close above the $4,850 level could spark a sharp increase in the near term. In the stated case, the price might rise towards the $5,000 level. Any more gains could lift the price towards the next key hurdle at $5,200. Dips Limited in ETH? If ethereu...