TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key

Ethereum failed again to settle above the $1,620 zone against the US Dollar. ETH is sliding and might struggle to stay above the $1,480 support. Ethereum started another decline after there was a false break above $1,620. The price is now trading below $1,560 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase unless there is a clear move below the $1,480 support. Ethereum Price Tests Key Support Ethereum made another attempt to clear the $1,620 resistance zone. ETH even spiked above the $1,640 and $1,650 levels. However, the bears were active near the $1,660 level. A high was formed near $1,662 and the price started a fresh decline. There was a downside break below the $1,560 and $1,550 levels. Ether price declined below the 50% Fib retracement level of the upward move from the $1,488 swing low to $1,662 high. The price is now trading below $1,560 and the 100 hourly simple moving average. It is also trading below the 76.4% Fib retracement level of the upward move from the $1,488 swing low to $1,662 high. However, it is still above the $1,500 support. Besides, there is a key bullish trend line forming with support near $1,500 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,530 level. The first major resistance is near the $1,550 zone and the 1...