Ethereum price has been rallying over the $400 mark for some weeks now. Today, Ethereum has soared a 2-year high by climbing over 8% and crossing the $425 previous high. Ethereum by surging 8% in less than 24 hours has broken the key $400 and $405 resistance line. The two year high of Ethereum is at $432, and all signals support this bullish trend. Bitcoin had recently crossed $12k mark and we are expecting a similar uptrend in Ethereum.
Everything with Ethereum right now especially for the short term seems to be extremely bullish. The price of Ethereum is currently consolidating in the range of $420 and above. Right now, Ethereum is trading above the 23.6 Fibonacci retracement level and rallying at $377 and $430.
The next major support for Ethereum will be around $420 level, and If Ether continues to follow the uptrend, the next major resistance test for Ethereum will be around $435 in the near term. Although, Ethereum could also correct lower if, in the upcoming future, a downside break follows. However, the primary support forming around the $405 mark is undoubtedly a green indicator for Ethereum, and the uptrend is quite unlikely to be over yet.
Some Major Technical Indicators For Ethereum: