TA: Ethereum Plunges to $1,550: Can Bulls Save the Day?

Ethereum corrected lower below $1,650 against the US Dollar. ETH must stay above the $1,550 support zone to avoid a sharp bearish reversal. Ethereum started a key downside correction and traded below the $1,650 level. The price is now trading below $1,650 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $1,700 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $1,550 support to start a fresh increase in the near term. Ethereum Price Dips Over 6% Ethereum failed to stay above the $1,750 and $1,720 levels. ETH reacted to the downside below the $1,700 level and the 100 hourly simple moving average. The price declined over 5% and even spiked below the $1,600 level, similar to bitcoin. It even tested the $1,550 support and traded as low as $1,552. Ether is now trading below $1,650 and the 100 hourly simple moving average. The bulls are now pushing the price above the 23.6% Fib retracement level of the downward move from the $1,789 swing high to $1,552 low. On the upside, the price is facing resistance near the $1,620 level. The next major resistance is near the $1,660 and $1,670 levels. It is near the 50% Fib retracement level of the downward move from the $1,789 swing high to $1,552 low. A clear break above $1,670 might send the price towards the $1,700 level. Source: ETHUSD on TradingView.com There is also a connecting bearish trend li...