Ethereum Corrects Lower, Why ETH Remains Supported For Fresh Rally

Ethereum Rally

Ethereum traded to a new all-time high above $4,800 before correcting lower against the US Dollar. ETH could start a fresh rally unless there is a break below $4,650.

Ethereum started a downside correction below the $4,750 and $4,700 levels.
The price is now trading above $4,650 and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $4,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if there is no break below $4,650.

Ethereum Price Eyes Fresh Increase
Ethereum extended rally above the $4,650 and $4,700 resistance levels. ETH gained pace above the $4,750 resistance zone and the 100 hourly simple moving average.
The price even climbed above $4,800 and traded to a new all-time high. It traded as high as $4,839 and is currently correcting gains. There was a break below the $4,750 support level. Besides, there was a break below a major bullish trend line with support near $4,800 on the hourly chart of ETH/USD.
It even traded below the 23.6% Fib retracement level of the upward move from the $4,346 swing low to $4,839 high. Ether price is now trading above $4,650 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $4,720 level. The next major resistance is near the $4,750 level. A break above the $4,750 level may possibly spark a fresh rally. The next key resistance is near the $4,800 level. Any more gains could lead the price towards the $5,000 level in the near term.
Dips Supported in ETH?
If ethereum fails to climb above the $4,720 and $4,750 resistance levels, it could extend its downside correction. An initial support on the downside is near the $4,680 level and the 100 hourly SMA.
The first major support is also near the $4,600 level. It is close to the 50% Fib retracement level of the upward move from the $4,346 swing low to $4,839 high. Any more downsides could lead the price towards the $4,540 support. The next major support for the bulls is near the $4,460 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $4,650
Major Resistance Level – $4,750

bitcoin
Bitcoin (BTC) $ 69,368.59
ethereum
Ethereum (ETH) $ 2,485.81
tether
Tether (USDT) $ 0.999790
bnb
BNB (BNB) $ 567.12
solana
Solana (SOL) $ 163.97
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.510369
staked-ether
Lido Staked Ether (STETH) $ 2,484.05
dogecoin
Dogecoin (DOGE) $ 0.157528
tron
TRON (TRX) $ 0.166213
cardano
Cardano (ADA) $ 0.352810
the-open-network
Toncoin (TON) $ 4.88
wrapped-steth
Wrapped stETH (WSTETH) $ 2,942.39
shiba-inu
Shiba Inu (SHIB) $ 0.000017
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,297.57
avalanche-2
Avalanche (AVAX) $ 24.23
weth
WETH (WETH) $ 2,484.31
chainlink
Chainlink (LINK) $ 11.17
bitcoin-cash
Bitcoin Cash (BCH) $ 343.98
usds
USDS (USDS) $ 1.00
leo-token
LEO Token (LEO) $ 6.08
polkadot
Polkadot (DOT) $ 3.86
sui
Sui (SUI) $ 1.91
litecoin
Litecoin (LTC) $ 69.58
near
NEAR Protocol (NEAR) $ 3.88
wrapped-eeth
Wrapped eETH (WEETH) $ 2,613.62
aptos
Aptos (APT) $ 8.62
uniswap
Uniswap (UNI) $ 7.33
pepe
Pepe (PEPE) $ 0.000009
internet-computer
Internet Computer (ICP) $ 7.63
dai
Dai (DAI) $ 1.00
bittensor
Bittensor (TAO) $ 433.99
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.18
monero
Monero (XMR) $ 154.55
kaspa
Kaspa (KAS) $ 0.112562
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.091933
whitebit
WhiteBIT Coin (WBT) $ 18.92
ethereum-classic
Ethereum Classic (ETC) $ 18.06
first-digital-usd
First Digital USD (FDUSD) $ 0.998843
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.313724
blockstack
Stacks (STX) $ 1.57
okb
OKB (OKB) $ 37.82
dogwifcoin
dogwifhat (WIF) $ 2.15
aave
Aave (AAVE) $ 137.76
filecoin
Filecoin (FIL) $ 3.42
arbitrum
Arbitrum (ARB) $ 0.509342
crypto-com-chain
Cronos (CRO) $ 0.072241
mantle
Mantle (MNT) $ 0.570783
celestia
Celestia (TIA) $ 4.64