The USD Dollar was down a few points against Ethereum, which had been at $1,633. ETH continues to be supported above the $1.480 level against the US Dollar and may start a new rally.
- Ethereum entered a consolidation phase below $1,600 resistance.
- The price traded above $1,500 at the moment and the simple moving average is 100 hours.
- A major bullish trend line is emerging with support at $1,480 on the hourly chart for ETH/USD (datafeed via Kraken).
- If the pair moves above $1,600, it could continue rising.
Ethereum Price Sees More Positives
Ethereum continued to rally above the $1.450-$1.500 levels. ETH has moved into a positive zone by clearing the $1550 resistance zone.
The price also rallied past the $1,600 resistance area and settled well below the 100 hourly simple movement average. Before there was a downturn, the Ether price reached $1,633 and then fell to $1.633. A move below the $1550 support zone was observed.
The price dropped below the 23.6% Fib level of the upward swing from the $1.325 swing low and $1.633 high. However, bulls were active above $1,500 support.
A major bullish trendline is also forming, with support close to $1,480 on the hourly chart for ETH/USD. The trend line lies near the 50% Fib level of the upward swing from the $1.325 swing low to the $1.633 high. A resistance level near $1,600 is immediate on the upside.
Source: ETHUSD on TradingView.com
The $1,630 area is the first major resistance. A clear move above the $1630 level could trigger another major uptrend. The $1,700 barrier is the next major barrier. If the price breaks through this level, it could lead to a significant increase towards the $1800 resistance zone.
Dips supported in ETH
It could begin a downtrend correction if ethereum does not rise above $1,600 resistance. The $1,520 zone is the initial support for the downside.
The trend line and the $1,480 area are the next major supports. A further drop in price could push it below the $1,450 level. In this scenario, the price may drop to $1,400, or the 100-hourly simple moving average.
Hourly MACD – The bullish zone is seeing the MACD for USD/ETH gain momentum.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,480
Major Resistance Level – $1,600