Ethereum had a mixed start to the day, rising to an early morning high of $4,809.27 before reversing. We can see that the Ethereum price movement has been rejected for additional fall in recent hours, indicating that another rise higher is probable later today.
The Ethereum blockchain’s activity is picking up again, which means more ETH tokens are being used, keeping the price above $4.5k.
The first significant resistance level and Wednesday’s ATH 4,867.81 would likely cap the upside if a crypto rally persists.
Ethereum might test resistance at $5,000 in the case of another protracted climb into the evening. $4,899 is the second significant resistance level.
If the pivot is not breached, the first significant support level at $4,606 will be reintroduced. Ethereum should avoid falling below $4,500 unless there is a sustained sell-off during the afternoon. $4,489 is the second significant support level.
Bullish signals for ETH
The network activity of Ethereum has gained traction and has caught up to the coin’s price growth rates; it is currently at 48 percent. Each Ethereum rally is frequently supported by an increase in network activity.
The supply of ETH in the market is no longer expanding, according to Crypto Quant CEO Ki-Young. The rate of ETH supply has nearly zeroed out since the London hardfork. As a result, Ethereum is proving to be a scarce asset that could suggest a bullish trend for the world’s second-largest cryptocurrency.
Over the last few weeks, the price of Ethereum has risen dramatically. In a similar fashion to the previous bull run in April/May, the increase in price was accompanied by a massive surge in transaction costs.
