Ethereum price surged above $420.00 after trading as low as $404.00 against the US Dollar. ETH/USD is now trading in a bullish zone with supports at $435.00 and $425.00.
- Ethereum price traded towards the $400.00 level before buyers appeared against the US Dollar.
- ETH/USD jumped sharply and broke two bearish trend lines at $426.00 and $440.00 on the 2-hour chart.
- The pair may correct a few points towards the $435.00 support level in the near term.
Ethereum Price Weekly Analysis
Ethereum price was under a lot of pressure this past week as it tumbled below the $450.00 and $425.00 support levels against the US Dollar. The ETH/USD pair traded close to the $400.00 handle and formed a low at $404.00.
Looking at the 2-hours chart, it seems like the price formed a decent support above $400.00 and jumped higher. ETH buyers gained momentum and pushed the price above the $425.00 resistance and the 21 simple moving average.
Additionally, there was a break above the 23.6% Fib retracement level of the last slide from the $545.63 high to $404.00 low. It resulted in a push above two bearish trend lines at $426.00 and $440.00 on the 2-hour chart.
The pair traded towards the $465.00 level where sellers emerged. The bullish wave stalled near the 38.2% Fib retracement level of the last slide from the $545.63 high to $404.00 low. At the moment, the price is consolidating gains above the $435.00 level.
It could correct a few points in the short term towards the previous resistance now support at $435.00 and $425.00. It must stay above the $425.00 support to continue its upward move. If not, there is a risk of it declining back towards the $400.00 level.
On the upside, an immediate resistance is at $460.00-465.00. A successful break above $465.00 may well open the doors for a test the next hurdle at $500.00.
Overall, the recent bounce in Ethereum is a positive move, but its price must gain momentum above $460.00 and hold $425.00 to remain in a bullish trend.
The market data is provided by TradingView, Coinbase.