Ethereum started a downside correction from $1,630 against the US Dollar. ETH could extend losses if there is a clear move below the $1,480 support. Ethereum started a downside correction from the $1,630 resistance zone. The price is now trading below $1,500 and near the 100 hourly simple moving average. There is a key 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 downside correction if it breaks the $1,480 support. Ethereum Price Starts Correction Ethereum attempted another increase above the $1,600 resistance zone. However, ETH failed to gain pace above the $1,600 level. As a result, there was a downside correction below the $1,550 level. Ether price corrected lower below the $1,520 support. There was a break below the 23.6% Fib retracement level of the key increase from the $1,325 swing low to $1,632 high. The price is now trading below $1,500 and near the 100 hourly simple moving average. It is now approaching the key $1,480 support zone. There is also a key bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,520 level. The first major resistance is near the $1,560 zone. The main breakout zone is now forming near the $1,600 zone. A clear move above the $1,600 level could start another major increase. Source: ETHUSD on TradingView.com The next key barrier...
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