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

Ethereum started a downside correction from the $1,675 high against the US Dollar. ETH must stay above the $1,550 support to start a fresh increase. Ethereum climbed higher above $1,650 before it started a downside correction. The price is now trading below $1,600 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise steadily if it clears the $1,600 and $1,615 resistance levels. Ethereum Price Corrects Lower Ethereum remained well bid above the $1,550 support zone. ETH started a fresh increase and was able to clear the $1,600 resistance zone and the 100 hourly simple moving average. The price even broke the $1,650 level, but there was no test of $1,700. A high was formed near $1,675 and the price started a downside correction. There was a move below the $1,620 and $1,600 level. Ether price declined below the 50% Fib retracement level of the upward move from the $1,501 swing low to $1,675 high. The price tested the $1,560 support zone. It stayed above the 61.8% Fib retracement level of the upward move from the $1,501 swing low to $1,675 high. Ether is now consolidating losses below $1,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,600 level. There is also a key bearish trend line forming with resistance near $1,605 on the hourly chart of ETH/USD....