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Ethereum (ETH) rose above the $ 465 resistance against the US dollar. ETH price surged to a new monthly high near $ 477 and recently initiated a downside correction.

Ethereum is still following a nice bullish path above the $ 450 and $ 455 support levels, according to analyst Aayush Jindal. The price surged to a new monthly high near $ 477 and moved above the 100 hourly simple moving average. There is a crucial bullish trend line formed with support near $ 452 on the hourly chart of ETH / USD. The pair remains well supported near $ 450 and could continue its rise above $ 470.

There was a steady rise above the $ 455 and $ 460 resistance levels in Ethereum. ETH price even broke the $ 465 resistance level and settled well above the 100 hourly simple moving average.

It even traded to a new monthly high around $ 477 and recently started a downside correction. Ether price corrected below the $ 465 level. The initial key support is near the $ 454 level. There is also an important bullish trend line formed with support near $ 452 on the hourly chart of ETH / USD. On the upside, the $ 467 level is a short-term resistance for the bulls. The first major hurdle is near the $ 475 level, where the price could rise above $ 477 and $ 480. The next major resistance is near the $ 488 level, where ETH price could visit the $ 500 resistance.

If more losses occur below the $ 458 level, Ethereum could find strong buying interest near the $ 454 and $ 452 support levels. The 100 hourly simple moving average is also placed just above the $ 450 support level. Therefore, a break below the $ 450 support zone could trigger a sharp bearish move. The next major support below the $ 450 zone could be near the $ 432 level.

Hourly MACD: The MACD for ETH / USD is slowly losing momentum in the bearish zone.Hourly RSI: The RSI for ETH / USD is currently just below the 50 level.Major Support Level $ 452Major Resistance Level: $ 467

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