Ethereum surged over 10% and it settled nicely above the $400 resistance against the US Dollar. ETH price is consolidating gains and it seems like it could rally further above $420.
- Ethereum gained bullish momentum above the $400 and $410 resistance levels.
- The price traded to a new monthly high at $422 and settled above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $411 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to surge above $420 unless it starts an extended correction towards $400.
Ethereum Price Holding Uptrend Support
Ethereum gained a strong bullish momentum above the $400 resistance level. ETH price even broke the $410 resistance level and settled well above the 100 hourly simple moving average.
The upward move such that the price even spiked above the $420 resistance. A new monthly high was formed near the $422 level before the price started a downside correction. Ether corrected lower below the $415 level, plus the 23.6% Fib retracement level of the recent surge from the $392 swing low to $422 high.
However, the price is trading nicely above the $410 support level. There is also a major bullish trend line forming with support near $411 on the hourly chart of ETH/USD.