Ethereum corrected a few pips from the high of $1,633 against the US dollar. ETH is still well supported above the $1480 level and it may start a new rally.
- Ethereum has started a consolidation phase below the $1600 resistance area.
- The price is now trading above $1500 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 rising if there is a clear move above the $1600 region.
Ethereum price eyes more pros
Ethereum extended its rally above the $1,450 and $1,500 levels. ETH has deleted a file $1550 resistance area To move into positive territory.
The price even rose above the $1600 resistance area and settled 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 area.
The price fell below the 23.6% Fibonacci retracement level from upward movement From the swing low $1,325 to the $1,633 high. However, the bulls were active above the $1,500 support area.
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. There is an immediate resistance on the upside near the $1600 level.
Source: ETHUSD on TradingView.com
The first major resistance is near the $1,630 region. A clear move above the $1,630 level could trigger another significant increase. The next major barrier is near the $1700 level, above which the price may gain strength and rise towards the $1800 resistance area.
Support dips in ETH?
If Ethereum fails to rise above the $1600 resistance, it may start a downside correction. There is initial support on the downside near the $1.520 region.
The next major support is near the $1480 area and the trendline. Any further losses could push the ether price below the $1,450 support level. In the mentioned case, the price might drop towards the $1,400 level or the 100 hourly simple moving average.
MACD per hour – ETH/USD’s MACD is gaining momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Key Support Level – $1,480
Key Resistance Level – $1600