To start the rally, there was a break above a crucial bearish trend line with resistance near $400 on the 4-hours chart of ETH/USD. The pair surged above the $420 resistance and settled well above the 100 simple moving average (4-hours).
The upward move was such that the price climbed higher above the $450 resistance and traded to a new multi-month high at $465. Ether price started a downside correction from $465 and traded below the $450 support.
There was a break below the 23.6% Fib retracement level of the upward move from the $371 swing low to $465 high. The price also traded below the $440 support level, but it found support near the $425 level.
The next major support is near the $420 zone or the 50% Fib retracement level of the upward move from the $371 swing low to $465 high. Ether is currently rising and trading above $435. An initial resistance on the upside is near the $440 and $445 levels.
A clear break above the $445 resistance zone could open the doors for a fresh increase above $450. The next major resistance is near $465, above which the price could surge towards the $480 level.