Ethereum corrected a few points from the $1,633 high against the US Dollar. ETH remains well supported above the $1,480 level and might start a fresh rally.
Ethereum started a consolidation phase below the $1,600 resistance zone.
The price is now trading above $1,500 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above the $1,600 zone.
Ethereum Price Eyes More Upsides
Ethereum extended rally above the $1,450 and $1,500 levels. ETH cleared the $1,550 resistance zone to move further into a positive zone.
The price even rallied above the $1,600 resistance zone and settled well above the 100 hourly simple moving average. Ether price traded as high as $1,633 before there was a downside correction. There was a move below the $1,550 support zone.
The price dipped below the 23.6% Fib retracement level of the upward move from the $1,325 swing low to $1,633 high. However, the bulls were active above the $1,500 support zone.
Besides, there is a major bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the $1,325 swing low to $1,633 high. An immediate resistance on the upside is near the $1,600 level.
The first major resistance is near the $1,630 zone. A clear move above the $1,630 level could start another major increase. The next key barrier is near the $1,700 level, above which the price might gain strength and rise towards the $1,800 resistance zone.
Dips Supported in ETH?
If ethereum fails to rise above the $1,600 resistance, it could start a downside correction. An initial support on the downside is near the $1,520 zone.
The next major support is near the $1,480 zone and the trend line. Any more losses might even push ether price below the $1,450 support. In the stated case, the price could drop toward the $1,400 level or the 100 hourly simple moving average.
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,480
Major Resistance Level – $1,600
