TA: Ethereum Rally Takes Breather But Dips Remain Attractive

Ethereum extended its rally above the $1,550 resistance against the US Dollar. ETH is correcting gains but dips might find bids near $1,460. Ethereum gained bullish momentum and even surpassed the $1,550 resistance. The price is now trading above $1,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,420 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to gain pace if there is a clear move above the $1,600 zone. Ethereum Price Extended Rally Ethereum gained pace after there was a clear move above the $1,350 and $1,400 levels. ETH cleared the $1,500 resistance zone to move further into a positive zone. The price even rallied above the $1,550 resistance zone and settled well above the 100 hourly simple moving average. Ether price even spiked above the $1,600 level and traded to a new multi-week high at $1,633. It is now correcting gains 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 low to $1,633 high. However, there are many supports near $1,460. There is also a key bullish trend line forming with support near $1,420 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance on the upside is 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 k...