Ethereum price is on the move above $465 against the US Dollar. ETH/USD is likely to break the $485 high for more gains in the near term.

Yesterday, there were a few swing moves below $460 in ETH price against the US Dollar. Finally, the ETH/USD pair managed to move higher and broke the $460 and $465 resistance levels.

It even settled above the $468 resistance and the 100 hourly simple moving average. It seems like the price formed a decent base near the $445 level before the current bullish wave.

During the rise, there was a break above a major declining channel with resistance at $461 on the hourly chart of ETH/USD. The pair traded as high as $485 and it is currently correcting lower.

There was a test of the 38.2% Fib retracement level of the last wave from the $446 low to $485 high. However, declines were protected near the $468 support area. Read more from…

thumbnail courtesy of