Ethereum Gears For Another Rise To $465, The Rally Is Not Done

Ethereum gears for another rise towards $465 after it started a strong increase above $400 and traded near $465 against the US dollar. The price is correcting the gains but will likely climb again at $465 so let’s look into the price analysis in our Ethereum price news today.

The price traded as high as $465 and settled above the 100 simple moving average. There was a break above the crucial bearish trend line with the resistance of $400 on the 4-hour charts of the pair. The pair could rally again if it clears the $440, $445, and $450 resistance levels. Over the past week, Ethereum started another increase above $400 against the US dollar. The support base was formed near the $372 level before ETH price gained pace.

To start the rally, there was a break above the crucial bearish trend line with the resistance close to the $400 on the 4-hour charts of the pair. It even surged above $420 resistance and settled above the 100 simple moving average. The upward movement was such that the price climbed higher above $450 resistance and traded into a new monthly high of $465. Ethereum’s price started a downside correction from $465 and traded below the $450 support while Ethereum gears for another run of $465.

There was a break below the 23.6% fib retracement level from the upward movement at $371 swing low to $465 high. The price traded below the $440 support level, however it found support later near the $425 level. The next major support is near the $420 zone or the 50% fib retracement level of the upward movement from $371 swing low to $465 high. ETH is now rising and trading above $45 with the initial resistance on the upside near the $440 and the $445 levels.

A clear break above the $445 resistance could open the doors for another increase above the $450 level with a next major resistance close to $465 above which the price could surge to the $480 level. If ETH fails to clear the $440 and the $445 resistance levels, it could extend its downside correction. The initial support on the downside is near the $425 level. The main support is forming near the $420 zone with further losses being able to lead the price towards $405 support and the 100 simple moving average. The 4-hour MACD for the pair is losing pace in the bearish zone.
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The 4-hour RSI for the pair is above the 50 levels.