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