Recent intraday charts show that the ETHUSD pair successfully surpassed a key resistance threshold at $4,500 during a sustained upward trend. Price candles closed above this level on multiple timeframes, confirming buyer conviction. Exponential moving average (EMA50) provided consistent support, acting as a dynamic floor that attracted purchase orders on minor retracements.
Relative Strength Index (RSI) readings entered overbought territory, exceeding values of 70 on shorter intervals. Historical patterns suggest that overbought RSI conditions can coincide with strong momentum phases, especially when confirmed by volume expansion. On-chain transaction counts increased during the breakout, indicating active network usage and potential accumulation by whale addresses.
Order book data revealed significant liquidity clusters at $4,480 and $4,520, each reflecting high bid and ask volumes respectively. Breakout through these zones required absorption of resting orders on both sides, evidencing robust demand among market participants. Open interest in ETH perpetual contracts rose sharply, supporting a bullish narrative in derivative markets.
Correlation analysis with Bitcoin price movements showed a moderate decoupling effect during the rally. Ethereum’s unique utility case in decentralized finance and smart contract deployment has attracted fresh capital flows. Data from major decentralized exchanges confirmed increased activity in liquidity pools involving ETH, reinforcing the role of network fundamentals in the rally.
Macro catalysts, including updates to upcoming protocol upgrades and staking reward adjustments, contributed to positive sentiment. Anticipation of lower energy consumption and improved transaction throughput under future hard forks has underpinned investor confidence. Institutional interest appears to be diversifying toward Ethereum as a core exposure beyond Bitcoin.
Technical indicators recommend close monitoring of support at the EMA50 around $4,300. Sustained trading above that level could pave the way for retests of higher resistance bands near $4,700 and $5,000. Failure to hold moving average support may trigger a short-term pullback toward previous consolidation points between $4,200 and $4,350.
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