TA: Ethereum Corrects Sharply, What Could Spark Fresh Increase

Ethereum started a downside correction below $4,700 against the US Dollar. ETH is recovering, but it must clear $4,720 to start a fresh increase in the near term. Ethereum started a downside correction below the $4,750 and $4,650 levels. The price is now trading below $4,700 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $4,720 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $4,500 support zone. Ethereum Price Eyes Fresh Increase Ethereum failed to settle above $4,700 level and started a fresh decline. ETH price declined below the $4,650 support level to move into a short-term bearish zone. There was also a break below $4,550 and the 100 hourly simple moving average. However, the bulls appeared near the $4,450 support zone. Besides, there was a break below a key bullish trend line with support near $4,720 on the hourly chart of ETH/USD. A low is formed near $4,452 and the pair is now recovering losses. It cleared the $4,500 resistance zone. Ether is now trading above the 23.6% Fib retracement level of the recent decline from the $4,866 high to $4,452 low. An initial resistance on the upside is near the $4,660 level. The 50% Fib retracement level of the recent decline from the $4,866 high to $4,452 low is near the $4,660 level. The 100 hourly SMA is also near the $4,680 level. The next major resistanc...