Ethereum Price Soars To New 2-Year High: Uptrend Isn’t Over Yet
Ethereum climbed over 8% and it broke the main $400 barrier against the US Dollar. ETH price traded to a new 2-year high above $430 and it is likely to continue higher.
- Ethereum is up over 8% and it broke the key $400 and $405 resistance levels.
- The price traded to a new 2-year high at $432 and settled above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $405 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to continue higher above the $430 and $435 levels in the near term.
Ethereum Price Rallies Above $400
After trading in a range for a few sessions, Ethereum gained strength above the $390 level against the US Dollar. As a result, ETH rallied above the $400 and $405 resistance levels.
It traded to a new 2-year high at $432 and settled well above the 100 hourly 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 $377 swing low to $432 high.
It seems like there is a short-term contracting triangle forming with resistance near $428 on the hourly chart of ETH/USD. On the downside, the triangle support is near the $420 level.
Ethereum price soars above $400. Source: TradingView.com
The next major support is near the $405 level or the 50% Fib retracement level of the recent rally from the $377 swing low to $432 high. If Ethereum remains stable the $420 support, it could start a fresh rally above the $428 and $430 resistance levels.
The next major resistance is near the $435 level, above which ether is likely to continue higher towards the $450 level in the near term.
Dips Likely To Be Limited in ETH
Ethereum could correct lower if there is a downside break below the $420 support level. The first major support is near the $405 level.
The main support is now forming near the $400 level (the recent breakout zone). It is also close to the 61.8% Fib retracement level of the recent rally from the $377 swing low to $432 high.
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.
Major Support Level – $420
Major Resistance Level – $430