TA: Ethereum Breaks Down, Why ETH Could Revisit $1,500

Ethereum failed to stay above $1,650 and extended losses against the US Dollar. ETH might continue to move down towards the $1,500 support zone. Ethereum started a downside correction after it settled below the $1,700 level. The price is now trading below $1,650 and the 100 hourly simple moving average. There was a break below a declining channel with support near $1,610 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down towards the $1,550 support or even $1,500. Ethereum Price Extends Decline Ethereum failed to stay above the $1,700 level and started a downside correction. ETH moved below the $1,660 and $1,650 support levels to enter a short-term bearish zone. There was a clear move below the 23.6% Fib retracement level of the upward move from the $1,356 swing low to $1,785 high. Besides, there was a break below a declining channel with support near $1,610 on the hourly chart of ETH/USD. Ether price is now trading below $1,650 and the 100 hourly simple moving average. It seems like the price might continue to move down, with an immediate support at $1,570. An immediate resistance on the upside is near the $1,600 level and the broken channel support zone. The first major resistance is near the $1,665 zone and the 100 hourly simple moving average. The main resistance is now forming near the $1,680 zone. Source: ETHUSD on TradingView.com A clear move above the $1,680 level could even pump...