Ethereum rose over 8% and broke the main barrier of $ 400 against the US dollar. The ETH price hit a new 2-year high above USD 430 and should continue to rise.
- Ethereum is up over 8%, breaking key resistance levels of $ 400 and $ 405.
- The price hit a new 2-year high of $ 432 and was above the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 405.
- The pair is likely to remain above the $ 430 and $ 435 levels in the short term.
Ethereum price increases above $ 400
After trading in a range for a few sessions, Ethereum gained strength against the US dollar above the USD 390 level. As a result, ETH rose above the USD 400 and USD 405 resistance levels.
It traded at $ 432 a fresh 2-year high and was well above the 100-hour simple moving average. Ether price is currently consolidating gains above the $ 420 level and trading in a range. It is trading above the 23.6% Fib retracement level of the recent rally from the low of $ 377 to the high of $ 432.
A short-term contraction triangle appears to be forming on the hourly chart of ETH / USD with resistance near USD 428. On the downside, triangle support is close to the USD 420 level.
Ethereum price soars above $400. Source: TradingView.com
The next big support is near the $ 405 level, or the 50% fib retracement level of the recent rally from the $ 377 low to the $ 432 high. If Ethereum holds the USD 420 support stable, it could start a new rally above the USD 428 and USD 430 resistance levels.
The next major resistance is near the $ 435 level, above which ether is likely to continue rising towards the $ 450 level in the near future.
Break-ins in the ETH should be limited
Ethereum could correct lower if there is a downside break below the USD 420 support level. The first major support is near the $ 405 level.
The main support is now forming near the $ 400 level (the most recent breakout zone). It is also close to the 61.8% Fib retracement level of the recent rally from $ 377 to $ 432.
Hourly MACD – – The MACD for ETH / USD is showing many positive signs in the bullish zone.
Hourly RSI – – The RSI for ETH / USD is now well above the 70 level.
Main support tier – $ 420
Main Resistance Level – $ 430