Ethereum traded at a new monthly high of $422 before lowering towards the US dollar. The price of ETH is trading just over 100 SMA (H4) and its upside is likely to resume over $422.
According to Newsbtc.com, Last week, Ethereum initiated a strong rise over the $365 resistance after the bitcoin rally against the US Dollar. ETH price broke the resistance levels of $380 and $400 to step into a bullish sector.
The upward move was such that the market was much higher than the $420 resistanceand far above the 100 simple moving average (4-hours). A new monthly peak was established around $422 until the price of ether began to be corrected.
There was a split below the $410 support, however the market stayed well above the $400 support. The low is around $402 and the price is now. This broke the 50 percent Fib retracement mark from the $422 high to the $402 low of the recent downturn.The latest market activity is positive and it seems that ether is seeking a fresh high above the resistance levels of $420 and $422. The next main resistance is just around the level of $435