Ethereum is currently in a downtrend from $1,630, and it continues to fall against the US dollar. ETH could continue in a massive bearish trend if the price dips below the $1,480 support. This means that the currency has weakened and is currently trading below $1,500 and near the 100 hourly simple moving average.
The bullish key trendline forming with support near $1,480 on the hourly chart of ETH/USD is also supportive.
If BTC/USD breaks the $1,480 support, it could extend its downside correction.
Ethereum Price Starts Correction
Ethereum once again struggled to break through the $1,600 resistance zone. However, this time, it failed to gain momentum and sold off heavily below average. . Fortunately, there was a downside correction below the $1,550 level to help bring us back into an upward trend.
Ether’s price is currently correcting below the $1,520 support level. There was a break above the 23.6% Fib retracement level of the key increased from the $1,325 swing low to the $1,632 high. The price is now trading near the 100 hourly simple moving average and below $1.500.
The ETH/USD pair is currently trading near the $1,480 support zone. There’s also a key bullish trend line forming with resilience here that could help promote more buying interest in Ether as we move forward.
The first major resistance for the upside is near the $1,560 zone. The main breakout zone has now formed near the $1,600 level. A clear move above this boundary could start another major increase in prices.
The next important resistance to watch out for is near the $1,630 level. It’s a great spot for traders who want to take advantage of any gains that might be made as prices move higher up towards $1,700 and past this important resistance zone.
More Losses in ETH?
If the Ethereum price continues to fall, it could meet some initial support near $1.480 and trendline for a short while before heading back down again towards new lows effortlessly.
The trend line, near the 50% Fib retracement level of key increase from $1,325 swing low to $1,632 high suggests that resistance may be close. The price may continue to decline below the trend line support, which could lead it back towards the $1,375 support. With any more losses, the price of ether could fall even further below the $1,280 support.