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 resistan...
