Ethereum is up 3% and it is trading nicely above $400 against the US Dollar. ETH price is showing positive signs and it could rally if there is a clear break above $410.
- Ethereum is back above the key $400 and $402 support levels.
- The price is currently facing a major hurdle near $410, but it is above the 100 hourly simple moving average.
- There is a crucial contracting triangle forming with resistance near $408 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its rally if it clears the $408 and $410 resistance levels in the near term.
Ethereum Price is Showing Bullish Signs
After a strong rally in bitcoin, Ethereum too gained traction and climbed above the $395 and $400 resistance levels. The upward move was such that ETH price settled above $400 and the 100 hourly simple moving average.
There was also a break above yesterday’s highlighted bearish trend line with resistance near $398 on the hourly chart of ETH/USD. It opened the doors for more gains above $405, but ether price struggled to clear the $410 resistance zone.
Source: ETHUSD on TradingView.com
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