Ethereum added a rally above the $ 1,550 resistance against the US Dollar. ETH corrects profits but dips could find a bid near $ 1,460.
- Ethereum gained bullish momentum and even surpassed the $ 1,550 resistance.
- The price is currently trading above $ 1,500 and a simple 100 hour moving average.
- There is a key bullish trend line formed with support near $ 1,420 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could continue moving forward if there is a clear movement above the $ 1,600 zone.
Ethereum Price Extended Rally
Ethereum gained pace after a clear move above the $ 1,350 and $ 1,400 levels. ETH cleared the $ 1,500 resistance zone to move further into the positive zone.
The price even rallied above the $ 1,550 resistance zone and settled well above it 100 moving average per hour. The ether price even spiked above the $ 1,600 level and traded to a recent multi-week high at $ 1,633. It now corrects profits below the $ 1,600 level.
There was a move below the 23.6% Fib retracement level of the recent rally from the $ 1,327 swing to the $ 1,633 high. However, there is a lot of support close to $ 1,460. There is also a major bullish trend line formed with support near $ 1,420 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
Resistance is directly on the rise near the $ 1,530 level. The first major resistance is near the $ 1,550 zone. A clear move above the $ 1,550 level could send the price higher. The next key resistance is near the $ 1,620 level, above the price gaining strength and up to the $ 1,700 resistance zone.
Limited Dips at ETH?
If ethereum fails to rise above the $ 1,550 resistance, it could start a downward correction. Initial support at the bottom is near the $ 1,480 zone. The next major support is close to the $ 1,460 zone.
The 50% Fib retracement level of the recent rally from the $ 1,327 swing to the $ 1,633 high is also close to $ 1,460. Any losses may push the ether price below the trend line support. In that case, the price could drop to the $ 1,360 level or a 100 per hour moving average.
MACD per hour – MACD for ETH / USD is currently losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is moving to the 50 level.
Key Support Level – $ 1,420
Main Resistance Level – $ 1,550