Ethereum surged over 5% and it even spiked above the $400 resistance against the US Dollar. ETH price is struggling to clear the $400 resistance, but is remains well supported.
- Ethereum started a strong upward move above the $385 and $392 resistance levels.
- The price traded to a new monthly high at $402 and it settled above the 100 hourly simple moving average.
- There is a key connecting bullish trend line forming with support near $392 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct a few points, but there are many important supports at $388 and $385.
Ethereum Price Turns Green
Ethereum followed bitcoin’s rally and started a strong rally above the $380 resistance. ETH price broke the $385 and $392 resistance levels to move further into a positive zone.
The upward move was such that ether price even spiked above the $400 resistance. A new monthly high was formed near $402 and the price is now trading well above the 100 hourly simple moving average.
After a rejection above the $400 level, there was a sharp downside correction. The price broke the $395 level, and the 23.6% Fib retracement level of the recent rally from the $376 swing low to $402 high. The price even tested the $390 support level.
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