Ethereum (ETH) is showing bullish trends again after a brief correction, raising speculation about a potential rise towards the $5,000 mark.
Current Market Situation
According to market data from Kraken, ETH climbed from the $4,480 support level after retracting from its recent high of $4,782. The pullback previously brought the price below the 23.6% Fibonacci retracement level from the upward move of $4,170 to $4,782.
Financial Activity and Support Levels
Buyers aggressively stepped in at the $4,480 zone — a key confluence with the 50% Fibonacci retracement — helping ETH recover above $4,550 and maintain strength above its 100-hour Simple Moving Average (SMA). Immediate resistance now sits near $4,640, followed by levels at $4,680 and the critical breakout level at $4,720.
Technical Indicators Analysis
However, analysts caution that failure to clear $4,700 could trigger another correction. Initial support lies at $4,550, with a stronger base at $4,500. A break below these levels could expose ETH to deeper losses towards $4,400, $4,315, and possibly $4,250.
With Ethereum now back above $4,550 and bulls defending key levels, traders are watching closely for a potential move towards the long-anticipated $5,000.
