Ethereum traded to a new monthly high at $422 before correcting lower against the US Dollar. ETH price is trading well above the 100 SMA (H4) and it is likely to resume its upside above $422.
- ETH price is trading in a strong uptrend above the $400 support against the US Dollar.
- The price is trading well above the $380 pivot level and the 100 simple moving average (4-hours).
- There was a break above a contracting triangle with resistance near $412 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to rally above $422 and $425 as long as it is trading above the $400 handle.
Ethereum Price is Gaining Momentum
This past week, Ethereum started a strong increase above the $365 resistance after bitcoin’s rally against the US Dollar. ETH price broke the $380 and $400 resistance levels to move into a bullish zone.
The upward move was such that the price even spiked above the $420 resistance and settled well above the 100 simple moving average (4-hours). A new monthly high was formed near $422 before ether price started a downside correction.
There was a break below the $410 support, but the price remained well bid above the $400 support. A low is formed near $402 and the price is currently rising. It broke the 50% Fib retracement level of the recent decline from the $422 high to $402 low.
<img alt="Ethereum Price" class="alignnone size-full wp-image-447580" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px"