The Ethereum price against the US Dollar fell a little from the $1633 peak. ETH continues to be supported well above $1,480 and could launch a new rally.
- Ethereum began a consolidation phase under the $1,600 resistance area.
- Today, the price traded above $1500. The 100-hourly simple moving average is also up.
- A major bullish trendline is emerging with support at $1,480 (data feed via Kraken).
- If the pair moves above $1,600, it could keep rising.
Ethereum Price Sees More Positives
Ethereum continued to rally beyond the $1,450 & $1,500 levels. ETH moved further up into a positive zone after clearing the $1,550 resistance area.
It even climbed above the $1600 resistance zone, and it settled just above the 100 hourly simple movement average. Before there was a downturn, the Ether price reached $1,633. The support level of $1,550 was breached.
Price fell below 23.6% Fib level of upward swing from $1.325 swing lows to $1.633 highs. The bulls were nevertheless active at the $1.500 support level.
A major bullish trendline is also forming, with support at $1,480, on the hourly chart of Ethereum/USD. Trend line at 50% Fib is the retracement of the upward swing from $1.325 swing lows to $1.633 highs. The $1,600 level is the immediate resistance to the upside.
Source: TradingView.com ETHUSD
It is located near $1,630. Another major rise could be initiated by a clear move higher than the $1630 level. Next is the $1700 barrier, which could be the key to a price increase towards the $1800 resistance.
Are Dips Available in the ETH
The downside correction could be initiated if the price of ethereum falls below $1,600. The $1,520 area is the initial support for the downside.
Near the trend line and in the $1,480 area is the next support. A further drop in price could push it below the $1450 level. The price may drop to the $1,400 or 100-hourly simple moving average in the above scenario.
Technical indicators
Minutely MACD – In the bullish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has risen to above 50.
Major Support Level – $1,480
Major Resistance Level – $1,600