Ethereum started a strong increase above $400 and traded close to $465 against the US Dollar. ETH price is correcting gains, but it is likely to climb again towards $465.
- ETH price rallied above the $400 and $420 resistance levels against the US Dollar.
- The price traded as high as $465 and settled well above the 100 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $400 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to rally again if it clears the $440, $445 and $450 resistance levels.
Ethereum Price is Holding Key Supports
This past week, Ethereum started a sharp increase above the $400 resistance against the US Dollar. A support base was formed near $372 before ETH price gained pace (similar to bitcoin above $14,000).
To start the rally, there was a break above a crucial bearish trend line with resistance near $400 on the 4-hours chart of ETH/USD. The pair surged above the $420 resistance and settled well above the 100 simple moving average (4-hours).
The upward move was such that the price climbed higher above the $450 resistance and traded to a new multi-month high at $465. Ether price started a downside correction from $465 and traded below the $450 support.
There was a break below the 23.6% Fib retracement level of the upward move from the $371 swing low to $465 high. The price also traded below the $440