Ethereum started a downside correction from $1,630 against the US Dollar. ETH could extend losses if there is a clear move below the $1480 support level.
- Ethereum started a downside correction from the $1,630 resistance area.
- The price is now trading under $1,500 and near 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 extend its bearish correction if it breaks the $1480 support level.
Ethereum price starts correcting
Ethereum Try another increase Above the $1600 resistance area. However, ETH failed to accelerate above the $1600 level. As a result, there was a downside correction below the $1,550 level.
Ether price corrected lower below the $1,520 support level. There was a break below the 23.6% Fib retracement level of the major increase from the $1,325 swing low to $1,632 high. The price is now trading below $1,500 and near Simple moving average per 100 hours.
It is now approaching the key support area of $1,480. There is also a major bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD.
There is an immediate resistance on the upside near the $1,520 level. The first major resistance is near the $1,560 region. The main breakout area is now forming near the $1600 area. A clear move above the $1600 level could lead to another significant increase.
Source: ETHUSD on TradingView.com
The next major barrier is near the $1,630 level, above which the price may gain strength and move towards the $1,700 resistance area.
More losses in ETH?
If Ethereum fails to rise above the $1,560 resistance, it may continue to decline. There is initial support on the downside near the $1480 area and the trendline.
The trend line is near the 50% Fib retracement level of the main increase from the $1,325 swing low to $1,632 high. A clear move below trendline support could push the price towards the $1,375 support area. Any further losses could push the ether price below the $1,280 support level.
MACD per hour – ETH/USD’s MACD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $1,480
Key Resistance Level – $1,560