- ETH started to decline after encountering the resistance level at $1,630.
- The price hovers beneath $1.5K and near 100hourly Simple Moving Average.
- 1hr chart highlights a crucial bullish line developing with $1,480 as support.
- A move beneath the $1,480 support would see the pair in extended downtrends.
Ethereum launched a downward move from $1,630. The altcoin might stretch its declines with a decisive action beneath the support at $1,480.
ETH Starts Correction
Ethereum tried another upside move beyond the resistance level of $1,600. Nevertheless, the leading altcoin could not gain momentum beyond this area. Consequently, ETH resorted to downtrends beneath the $1,550 zone.
Ethereum price retraced lower, losing the support of $1,520. Also, the alt saw a break beneath the 23.6% Fibonacci retracement zone of the crucial surge from $1,325 to $1,632. The crypto hovers beneath $1,500 and around the 100hourly Simple Moving Average.
Meanwhile, ETH approaches the crucial support level at $1,480. Also, the one-hour chart shows a bullish line developing with support at $1,480. The closest resistance to the upside sits at $1,520.
Any action beyond this level will encounter the hurdle of $1,560. Meanwhile, the primary breakout region is now developing around the $1,600 territory. A decisive move beyond this area could welcome another massive upside for the alt.
The next crucial barrier stands at $1,630, beyond which Ethereum could gain momentum to explore the obstacle at $1,700.
Further ETH Declines?
Ethereum’s failure to climb beyond the resistance at $1,560 could trigger an extended decline. Such a move will see the alt hitting the initial support at $14,80 & the trend-line.
This trend-line stands around the 50% Fibonacci retracement zone of the crucial surge from $1,325 to the highs at $1,632. A decisive move beneath the trend-line foothold might send ETH towards the support area of $1,375. Further losses could drive the leading alt under the $1,280 foothold.
Meanwhile, investors should evaluate global crypto market sentiments before betting on Ethereum. The market tries to maintain the latest gains, though bears might win the battle in the coming hours or days.
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