At the beginning of the weekend, most cryptocurrencies are showing consistent growth. Ethereum has emerged as a leader with a more than 9% increase.
Current ETH Market Situation
On the hourly chart, the ETH rate is positioned within a local channel between support at $4,659 and resistance at $4,817. Currently, neither side has a clear advantage, suggesting that sharp fluctuations are unlikely in the coming days.
Short-term Forecasts for Ethereum
In larger time frames, investor attention should focus on the nearest level of $4,783. If the price of the main altcoin returns above this mark, traders may witness further growth towards the psychological $5,000 mark.
Medium-term Outlook for ETH
From a midterm perspective, the ETH rate has shown a false breakout of the peak formed in November 2021. If the weekly candle closes far from this level, bears may seize the initiative, potentially leading to a test of the $4,500 range by the end of the month.
Currently, Ethereum is trading at $4,718, and its future dynamics will depend on its ability to overcome resistance and maintain the achieved levels.
