[ad_1]
Ethereum started a sharp rise above $ 400 and traded close to $ 465 against the US dollar. The price of ETH is correcting gains, but it is likely to rise again towards $ 465.
- The ETH price rose above the $ 400 and $ 420 resistance levels against the US dollar.
- The price traded as low as $ 465 and stood well above the simple moving average 100 (4 hours).
- There has been a break above a crucial bearish trend line with resistance near $ 400 on the ETH / USD 4-hour chart (data feed via Kraken).
- The pair is likely to rise again if it breaks out of the $ 440, $ 445 and $ 450 resistance levels.
The price of Ethereum holds key supports
Last week, Ethereum started a sharp rise above the $ 400 resistance against the US dollar. A support base was formed near $ 372 before the ETH price rose in 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 ETH / USD 4-hour chart. The pair rose above the $ 420 resistance and traded well above the simple moving average 100 (4 hours).
The move to the upside was such that the price moved higher above the $ 450 resistance and traded at a new multi-month high at $ 465. The price of Ether started a downward correction from $ 465 and was traded below the $ 450 support.
There was a break below the 23.6% Fib retracement level of the upward move from the $ 371 low swing to the $ 465 high. The price also traded below the $ support level. 440, but found support near the $ 425 level.
The next major support is near the $ 420 zone or the 50% Fib retracement level of the upward move from the $ 371 swing low to the $ 465 high. Ether is currently rising and trading above $ 435. An initial resistance to the upside is near. at the $ 440 and $ 445 levels.
A clear break above the $ 445 resistance zone could open the door for a new rise above $ 450. The next big resistance is near $ 465, above which the price could rise towards the $ 480 level.
Other downsides to Ether (ETH)?
If Ethereum fails to break out of the $ 440 and $ 445 resistance levels, it could extend its downward correction. Initial bearish support is near the $ 425 level.
Major support is forming near the $ 420 zone. Any further losses could lead the price towards the crucial support of $ 405 (a multi-touch zone) and the simple moving average of 100 (4 hours).
Technical indicators
4-hour MACD – The MACD for ETH / USD is slowly losing pace in the bearish zone.
4-hour RSI – The RSI for ETH / USD is still above the 50 level.
Main Support Level: $ 420
Major Resistance Level: $ 440
