Ethereum Cruised Past $1500, Is There A Possibility To Retrace To $1200?

Ethereum has rallied considerably over the last week securing close to 53% appreciation. At the moment ETH has managed to break past an important resistance mark of $1500 and flipped it into a support level. The coin maintained a rally after it crossed the $1000 mark, chance of correction still remains on the horizon.
Bullish strength has regained vigour as buying strength also shot up. The invalidation of bearish thesis started once ETH managed to cruise past $1200. If the coin remains above the $1500 mark then the bulls could propel the price higher.
The rally was also caused by the bullish sentiments revolving around the Merge that is anticipated in the month of September. There are chances for the coin to shoot up to $2000 but there are other resistances that ETH has to break past for that to happen.
The coin has been trading on an ascending trendline and it could soon revisit $1660 on its chart. The global cryptocurrency market cap today is $1.12 Trillion with 4.6% positive change in the last 24 hours.
Ethereum Price Analysis: Four Hour Chart

Ethereum was priced at $1600 on the four hour chart | Source: ETHUSD on TradingView ETH was trading at $1600 at the time of writing. The king altcoin has broken past the $1500 mark. The overhead resistance for the coin was at $1660, strength from buyers could push ETH to touch $1660. Other important price ceilings were at $1745 and $1800 respectively.
Once the coin moves past the $1800 mark, $2000 can be on the chart for Ethereum. If the coin witnesses a correction then, the first support level would stand at $1300 and then at $1200. Volume of Ethereum traded in the last session grew signifying that buying strength remained high.
Technical Analysis

Ethereum displayed increased buying strength on the four hour chart | Source: ETHUSD on TradingView ETH’s bulls have caused buyers to re-enter the market.  The altcoin has visited the overbought zone a couple of times in the past weeks. The Relative Strength Index portrayed an uptick and was near the 70-mark which meant that buyers heavily outnumbered sellers in the market.
Ethereum was above the 20-SMA signalling the same thing that buyers were driving the price momentum in the market. Ethereum was parked above both the 50-SMA and 200-SMA lines which are signs of excessive bullish force in the market.

Ethereum flashed sell signal on the four hour chart | Source: ETHUSD on TradingView Increased buying strength was reflected on the other indicators however, there has been mixed signals on the indicators. The Moving Average Convergence Divergence depicts the price momentum and trend reversals. MACD underwent a bearish crossover and flashed red histograms.
These red histograms are an indication of a change in the price trend and also sell signal for the altcoin. Bollinger Bands that indicate volatility remained wide. Wide Bollinger Bands signal at chances of increased price volatility which means that Ethereum might undergo price fluctuations.