The price of Ethereum has followed its bigger brother, bitcoin, and reached new record highs. However, it is trading a somewhat more rational manner, taking its time to consolidate after the move, quite different than BTC/USD.
ETH/USD is finding itself trading in a new range. The bottom of the range is $446, the peak seen in July. That resistance line turned into a line of support, yet another sign of more rationality. The top of the range is $520, the high level that was seen on Saturday, November 25th.
Additional levels to watch out for are $500, a round number, and also $410, a swing high in the autumn that now works as support as well.
As the price of bitcoin approaches the magical $10K level, it is important to remember that there are other cryptocurrencies out there. Ethereum is volatile enough to provide trading opportunities but not too crazy, at least for now.
Here is the daily chart, showing the recent moves and the new range.