Ethereum extended its rise above the $465 resistance against the US Dollar. ETH price traded to a new monthly high near $477 and recently started a downside correction.
- Ethereum is still following a nice bullish path above the $450 and $455 support levels.
- The price traded to a new monthly high near $477 and settled above the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $452 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains well supported near $450 and it might resume its rise above $470.
Ethereum Price is Trading in a Positive Zone
There was a steady rise in Ethereum above the $455 and $460 resistance levels. ETH price even broke the $465 resistance level and settled well above the 100 hourly simple moving average.
It even traded to a new monthly high near $477 and recently started a downside correction. Ether price corrected below the $465 level. It is now testing the 50% Fib retracement level of the recent rise from the $441 swing low to $477 high.
The first key support is near the $454 level (a multi-touch zone). There is also a crucial bullish trend line forming with support near $452 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the recent rise from the $441 swing low to $477 high.
<img alt="Ethereum Price" class="alignnone size-full wp-image-449567" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px"