Ethereum has made an impressive price action this week, climbing above $4,700 and pushing its market cap to $569 billion. That’s a 9% daily gain, which exhibits just how quickly momentum can shift when investors are taking control of the market.
In just two sessions, ETH added more than $800, a rally fueled by cleaner technical signals and stronger interest from bigger players in the market.
Looking at the 4-hour chart, ETH has carved out a classic ABCD harmonic pattern, a sign that the move isn’t random but follows a structured path. The breakout above the 50-period SMA at $4,388 also came with a bullish engulfing candle—an early indication that sellers lost their grip and buyers were willing to commit.
Ethereum (ETH/USD) Key Levels to Watch Now
Bitcoin price prediction is slightly bullish as the ETH/USD pair is showing strength without looking stretched. The relative strength index (RSI) is holding around 65, high but not yet overbought.
Whereas, the (Moving Average Convergence Divergence) MACD is widening on the bullish side, suggesting momentum still has room.
Right now, price action is consolidating around $4,700 in what looks like a flag formation. That’s often the pause before the next leg up.
Ethereum is trading near $4,720 after a sharp breakout. Support sits at $4,600 & $4,400, while resistance at $4,900 could open the path to $5,300.
#ETH #Crypto pic.twitter.com/e82KAWw9mG
— Arslan Ali (@forex_arslan) August 23, 2025
Here’s how the chart stacks up: support is sitting around $4,600, with a stronger base near $4,400. Resistance is at $4,900—if ETH clears that, it opens a path to $5,300, and eventually $5,700.
These levels line up closely with the extension targets highlighted on TradingView’s path tool.
Looking Ahead: Can ETH Push Toward $6,000?
For traders, ETH technical analysis is simple. A close above $4,900 and you’re in, stops below $4,600. First target $5,300, then $5,700. If momentum continues, ETH could be laying the foundation for a move to $6,000 in the coming months.
Momentum is bullish: RSI near 65, MACD widening. A close above $4,900 sets sights on $5,700–$6,000. ETH’s $569B market cap signals this run may just be beginning.
— Arslan Ali (@forex_arslan) August 23, 2025
Ethereum’s $569 billion market cap isn’t just a number – it’s the weight it’s carrying across DeFi, NFTs and blockchain infrastructure.
That’s why this feels different from just another spike. It could be the start of a bigger move where ETH retests the highs and starts to become the backbone of the digital economy.
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