Ethereum (ETH) faces little resistance between $ 400 and $ 470

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Ethereum price remains on track after high of $ 408

ETH / USD rose sharply from lows of $ 385 and broke a key resistance level at $ 395 to briefly trade at a new high of $ 408.

Although the asset was trading low at $ 395, holding above the critical support area mentioned below means that bulls have an advantage and will attempt a breakout above $ 410.

Into The Bock's IOMAP (In / Out of the Money Around Price) metric suggests keeping the ETH / USD price above the range where the supply barrier is located is important. As per the IOMAP chart below, there is a relatively clear path to $ 470, assuming the above scenario plays out in the coming days.

If the bulls can maintain the upward momentum and ETH price creates a higher daily close, the positive development expected in the crypto market could help the ETH / USD pair rise higher. Such an outlook would become even clearer should new buying pressure arise.

As mentioned above, this result could open a clear path to $ 450 and then to $ 470.

Should the movement to higher levels fail, a massive slump should be prevented in the short term by several areas of support.

The 50% Fib and 38.2% Fib retracement levels of the downturn from highs of $ 404 to $ 370 lows provide support at $ 387 and $ 383, respectively. Other drawbacks are likely to be that the Fib retracement level of 23.6% provides another cushion at $ 381.

On the 4-hour chart, the MACD for the ETH / USD pair is also in bullish territory, but the indicator shows a hidden bearish divergence. The RSI has also started to decline and currently hit 59.20.

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