Ethereum started a downward correction from $ 1,630 against the US Dollar. ETH could exceed its losses if there is a clear movement below the $ 1,480 support.
- Ethereum started a downward correction from the $ 1,630 resistance zone.
- The price is currently trading below $ 1,500 and close to the simple 100 hour moving average.
- There is a key bullish trend line formed with support near $ 1,480 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could extend its downward correction if it breaks the $ 1,480 support.
Ethereum Price Starts Correction
Ethereum try to add more above the $ 1,600 resistance zone. However, ETH failed to gain momentum above the $ 1,600 level. As a result, there was a downward correction below the $ 1,550 level.
The ether price corrected lower below the $ 1,520 support. There was a break below the 23.6% Fib retracement level of the key rise from the $ 1,325 swing to the $ 1,632 high. The price is currently trading below $ 1,500 and close to 100 moving average per hour.
It is now approaching the key $ 1,480 support zone. There is also a key bullish trend line formed with support near $ 1,480 on the ETH / USD hourly chart.
Direct resistance is on the rise near the $ 1,520 level. The first major resistance is near the $ 1,560 zone. The major breakout zone now forms near the $ 1,600 zone. A clear move above the $ 1,600 level could start another big rise.
Source: ETHUSD on TradingView.com
The next key resistance is close to the $ 1,630 level, above the price it can gain strength and rise to the $ 1,700 resistance zone.
More Losses at ETH?
If ethereum fails to rise above the $ 1,560 resistance, it could continue down. Initial support at the bottom is near the $ 1,480 zone and the trend line.
The trend line is close to the 50% Fib retracement level of the key rise from the $ 1,325 swing to the $ 1,632 high. A clear move below the trend line support could push the price into the $ 1,375 support zone. Any losses could push the ether price below the $ 1,280 support.
Technical Indicators
MACD per hour – The MACD for ETH/USD is currently gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $ 1,480
Main Resistance Level – $ 1,560
