Ethereum started a downside correction below $1,600 against the US Dollar. ETH is down over 6% and remains at a risk of a drop below the $1,480 support.
- Ethereum is showing a few bearish signs below the $1,600 and $1,580 levels.
- The price is now trading below $1,600 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could recover if it stays above the $1,500 and $1,480 support levels.
Ethereum Price Trims Gains
Ethereum price failed to clear the $1,650 resistance zone. ETH corrected lower below the $1,620 and $1,600 level, similar to bitcoin. The decline gained pace below the 50% Fib retracement level of the upward move from the $1,480 swing low to $1,680 high.
The price declined over 6% in a day and traded below the $1,550 support zone. A low is formed near $1,518 and the price is now consolidating losses.More Losses in ETH?
If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,520 level or the recent low.Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,480 Major Resistance Level – $1,600