TA: Ethereum Just Saw Key Technical Correction, But 100 SMA Is Still Strong

Ethereum failed to stay above the $1,600 resistance against the US Dollar. ETH is correcting lower and must stay above $1,540 to continue higher. Ethereum failed to clear the $1,620 and $1,625 resistance levels. The price is now trading near $1,550 and the 100 hourly simple moving average. There is a major rising channel forming with support near $1,540 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it stays above the $1,540 and $1,500 support levels. Ethereum Price Remains Supported Ethereum attempted an upside break above the $1,620 level, but struggled. The bears were active near the $1,620 zone and the price started a downside correction. A high was formed near $1,619 before the price corrected lower. There was a drop below the $1,560 level and the 100 hourly simple moving average. However, the bulls were active near the $1,530 and $1,525 levels. A low was formed near $1,530 and the price is now consolidating. There was a move above $1,550 and the 100 hourly simple moving average. The price climbed above the 50% Fib retracement level of the recent decline from the $1,619 swing high to $1,530 low. It is now consolidating near $1,550 and the 100 hourly simple moving average. There is also a major rising channel forming with support near $1,540 on the hourly chart of ETH/USD. It is facing resistance near the $1,580 and $1,585 levels. The 61.8% Fib retracement level of the recen...