Ethereum started a downside correction and traded below $1,600 against the US Dollar. ETH price found support near $1,487 and it is currently recovering losses.

After setting a new all-time high near $1,760, Ethereum started a short-term downside correction. ETH traded below the $1,650 and $1,600 support levels. There was also a break below the $1,560 support level and the 100 hourly simple moving average.

Ether tested the $1,500 support zone and a low is formed near $1,487. The price is currently moving higher and trading above the $1,550 level. There was a break above the 23.6% Fib retracement level of the downward move from the $1,763 high to $1,487 low.

The price is now facing resistance near $1,620 level and 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $1,763 high to $1,487 low is also at $1,625.

The next key resistance is near the $1,650 level. There is also a key bearish trend line forming with resistance near $1,660 on the hourly chart of ETH/USD. A clear break above the trend line resistance and $1,665 could open the doors for a steady increase. In the stated case, the price is likely to revisit the $1,760 high in the near term.

If Ethereum fails to clear the $1,620 and $1,650 resistance levels, it could start a fresh decline. On the downside, an initial support is near the $1,560 and $1,550 levels.

A downside break below the $1,550 support zone might spark strong bearish moves. The next major support is near the $1,500 level, below which the price might decline towards the $1,450 support (a multi-touch zone).

Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.

Major Support Level – $1,550

Major Resistance Level – $1,650

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