Key Highlights

• ETH price surged above the $400 level and traded to a new all-time high at $424.13 against the US Dollar.
• There is a new bullish trend line forming with support at $400 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price remains a good buy on the downside near the $400 and $390 support levels.

Ethereum price moved sharply higher against the US Dollar and Bitcoin. ETH/USD is currently above $400 and is eyeing more gains in the near term.

Ethereum Price Trend

There was a sharp upside move in ETH price as it moved above the $390 and $400 resistance levels against the US Dollar. The price gained heavy bids above the $400 level and traded to a new all-time high at $424.13. Later, a minor correction wave was initiated from $424.13. It has moved below the 23.6% Fib retracement level of the last wave from the $359.11 low to $424.13 high. However, the downside move seems to be supported above the $400 level.

At present, the 38.2% Fib retracement level of the last wave from the $359.11 low to $424.13 high is acting as a support and preventing declines. There is also a new bullish trend line forming with support at $400 on the hourly chart of ETH/USD. The trend line support is likely to act as a solid barrier for more declines below $390. Moreover, the 50% Fib retracement level of the last wave from the $359.11 low to $424.13 high is near $391. Therefore, the $400 and $390 levels are important supports on the downside.

On the upside, an initial resistance is around $420 followed by $424. A break above $424 would call for more gains in ETH/USD in the near term.

Hourly MACD – The MACD is nicely moving in the bullish zone.

Hourly RSI – The RSI is well above the 50 level despite the recent dip in the price.

Major Support Level – $400

Major Resistance Level – $420

Charts courtesy – SimpleFX