Ethereum Rally Could Start Again, Why Bulls Might Aim $1,800

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.

Source: ETHUSD on TradingView.com

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