Ethereum News Today: Ethereum Consolidates Above $4,500 Amid Bullish Technical Signals

Ethereum’s price has been steadily consolidating above $4,500 following a robust rally that began in July. Starting from the $3,200 zone, the cryptocurrency gained traction, breaking through $3,530 and turning it into a significant support level. This momentum propelled ETH toward $4,700, marking a clear shift in trend strength [1]. The 200-day simple moving average (SMA) is currently at $3,853, far below the current price, reinforcing the bullish trajectory and long-term momentum [1].

Currently, Ethereum trades near $4,533, slightly above the 50-day SMA at $4,442, which has become a key short-term support level. This positioning indicates that the cryptocurrency is in a consolidation phase rather than losing steam. The Relative Strength Index (RSI) sits at 59, reflecting a balanced market with buyers still in control and no signs of overbought conditions [1]. This suggests that the price is building a base to support further upward movement.

Key levels remain critical for tracking Ethereum’s next move. Immediate support is at $4,440, with a major support zone spanning from $3,850 to $3,530. Near-term resistance is clustered between $4,750 and $4,800. A breakout above $5,000 would not only be a technical milestone but also a psychological barrier that could spark a rally toward $5,300–$5,500 [1]. Conversely, a drop below $4,440 could lead to a correction toward $4,000–$3,850, but such a move would not necessarily undermine the broader bullish trend.

Despite a recent 3% dip to $4,600 due to profit-taking, Ethereum’s price has shown resilience amid broader market weakness, indicating sustained buying interest [3]. The Fear and Greed Index for Ethereum remains in a moderate range, with long-term bulls eyeing $12,000, though this remains speculative and not an immediate forecast [4].

The market appears to be in a consolidative phase, with technical indicators and price action suggesting that buyers are preparing for a potential breakout. While some analysts forecast a move toward $5,000, short-term volatility should not overshadow the broader bullish trend that has developed since mid-July [1]. The next key test for Ethereum will be whether it can maintain support above $4,440, as this level is likely to determine the direction of its next major price movement [1].

Sources:

[1] "Ethereum Price Builds a Base Above $4,500 as Bulls Eye Higher Levels" (https://cryptoticker.io/en/ethereum-price-builds-base-above-4500-bulls-eye-higher-levels/)

[3] "ETH Cracking Under Pressure - Deeper Correction Ahead?" (https://www.binance.com/en/square/post/28376643496049)

[4] "Ethereum Fear and Greed Index | Multiple Timeframes" (https://cfgi.io/ethereum-fear-greed-index/)