Ethereum’s price remains on course for another leg up after hitting highs of $408
ETH/USD rose sharply from lows of $385, breaking a major resistance line at $395 to briefly trade at a new peak around $408.
Although the asset traded as low as $395, keeping it above the critical support area mentioned below means that the bulls will retain the advantage and are set to attempt a breakout above $410.
ETH/USD technical analysis
From a technical perspective, ETH/USD is likely to fluctuate between key support and resistance areas around $400. However, fresh buying pressure will provide the impetus bulls need to push higher as ETH 2.0 inches even closer.
Bulls also face relatively little resistance above the $400 line, with the next rally likely to see Ethereum test the area around $425.
No hurdles for ETH/USD above $400
To retain the positive outlook, Ethereum needs to hold above $395 and aim for a higher close near $400. If the bullish momentum continues, a flip of the supply barrier around $400 into support would give bulls the base they need to push higher near term.
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) metric suggests holding the ETH/USD price above the supply barrier-turned-support area is critical. As per the IOMAP chart below, there is a relatively clear path to $470 if the above scenario plays out in the coming days.
If bulls maintain the upside momentum and ETH price prints a higher daily close, the positivity expected around the crypto market could help ETH/USD climb higher. Such an outlook would become even clearer if
