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Ethereum Price Drops 6% and Signals Risk of Trend Change Below This Support

Ethereum Price Drops 6% and Signals Risk of Trend Change Below This Support
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 below the $1,550 support zone. A low is formed near $1,518 and the price is now consolidating losses.
Ether price is now trading below $1,600 and the 100 hourly simple moving average. An immediate resistance is near the $1,555 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,680 swing high to $1,518 low.
The next major resistance is near the $1,660 level. It is close to the 50% Fib retracement level of the recent decline from the $1,680 swing high to $1,518 low. There is also a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com
An upside break above the $1,620 resistance zone could start a fresh rally. In the stated case, the price may perhaps rise towards the $1,680 resistance.
More Losses in ETH?
If ethereum fails to clear the $1,600 resistance, it could continue to move down. An initial support on the downside is near the $1,520 level or the recent low.
The next major support is near the $1,480 level. If there is a break below $1,480, the price might drop towards the $1,420 support. Any more losses might call for a test of the $1,350 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,480
Major Resistance Level – $1,600

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