Ethereum began a downtrend against the US Dollar at $1,630. If ETH falls below $1,480 support, it may sustain losses.
- Ethereum began a downward correction starting at the $1,630 resistance area.
- The price currently trades below $1,500. It is also close to the 100-hourly simple moving average.
- The hourly chart for ETH/USD shows a bullish trend line with support close to $1,480 (data feed via Kraken).
- If it breaks the $1480 support, the pair could prolong its downside correction.
Corrections in Ethereum Price
Ethereum attempted to move above the $1,600 resistance level. ETH did not gain momentum above the $1600 level. There was therefore a correction below $1,550.
The Ether price fell below the $1520 support. Below the 23.6% Fib level of the key rise from the $1.325 swing low to the $1.632 high, there was a break. The price is currently trading at $1,500, nearing the 100 hourly simple moving mean.
It is now close to the $1,480 support area. On the hourly chart of Ethereum/USD, there is a bullish trend line that forms with support at $1,480.
Near the $1,520 level is an immediate resistance to the upside. Near the $1,560 level is the first major resistance. The $1,600 zone is the main breakout zone. Another major increase could occur if we move clear of the $1600 level.
Source: ETHUSD on TradingView.com
The $1,630 mark is the next major barrier. Above that, the price could gain strength and move towards the $1.700 resistance zone.
What Are the Losses of ETH?
It is possible that ethereum could continue to fall if it does not rise above the $1.560 resistance. The trend line and the $1,480 zone provide initial support for the downside.
The trend line is close to the 50% Fib level of the key rise from $1,325 swing high to $1,632 low. The price could push towards the $1375 support zone if the trend line support is breached. Further losses could even push the price below $1,280 support.
Hourly MACD – The MACD for USD/ETH is currently gaining momentum in a bearish zone.
Hourly RSI – The RSI is currently below 50 for USD/ETH.
Major Support Level – $1,480
Major Resistance Level – $1,560