Key takeout
- Ether recovered the $4,300 level after a temporary drop in the $4,200 area on Tuesday.
- The second-largest crypto by market capitalization could surge beyond the $4,500 resistance level in the coming hours.
$4,200 support is strong for the ether
The cryptocurrency market started positively for a week, but experienced a flash dump on Tuesday. Bitcoin fell into the $110,000 region, urging ether and other major cryptocurrencies to be insufficient.
However, Ether defended support of $4,200, and formed the coin low at $4,211 a few hours ago. Ether, like Bitcoin, is bounced off the dump and is currently trading above the level of over $4,300.
Ether has maintained its price above 4K on a recent day after hitting an all-time high of $4,953 in August. Strong support beyond 4K may indicate that the ether has not yet been made at the rally and may experience a breakout soon.
In bullish emotion, the etheric eye is $4,500
The ETH/USD 4-hour chart is bullish and efficient as the ether works well these days. Technical indicators suggest that a $4,200 TLQ could serve as a springboard for ether to rise high in the short term.
The RSI of 50 indicates that the etheric bearish momentum is declining, and the bulls are slowly controlling the market. The MACD line is also about to converge in the bull band, indicating that the buyers are currently in charge.
If the recovery continues, ETH could surge beyond its $4,500 high in the coming hours. In an extended bullish run, the ether hit a $4,656 high before the ether tried to take its highest high.
However, as the fix gets deeper, ETH can remove the $4,200 support level before testing the $4.050 minimum that was formed on August 20th.
