Ethereum Dips From Highs, Why ETH Could Correct To $1,375

Ethereum started a downside correction from $1,630 against the US Dollar. ETH could extend losses if there is a clear move below the $1,480 support.

• Ethereum started a downside correction from the $1,630 resistance zone.
• The price is now trading below $1,500 and near the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could extend its downside correction if it breaks the $1,480 support.

Ethereum Price Starts Correction
Ethereum attempted another increase above the $1,600 resistance zone. However, ETH failed to gain pace above the $1,600 level. As a result, there was a downside correction below the $1,550 level.
Ether price corrected lower below the $1,520 support. There was a break below the 23.6% Fib retracement level of the key increase from the $1,325 swing low to $1,632 high. The price is now trading below $1,500 and near the 100 hourly simple moving average.

It is now approaching the key $1,480 support zone. There is also a key bullish trend line forming with support near $1,480 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,520 level. The first major resistance is near the $1,560 zone. The main breakout zone is now forming near the $1,600 zone. A clear move above the $1,600 level could start another major increase.

Source: ETHUSD on TradingView.com
The next key barrier is near the $1,630 level, above which the price might gain strength and rise towards the $1,700 resistance zone.
More Losses in ETH?
If ethereum fails to rise above the $1,560 resistance, it could continue to move down. An initial support on the downside is near the $1,480 zone and the trend line.
The trend line is near the 50% Fib retracement level of the key increase from the $1,325 swing low to $1,632 high. A clear move below the trend line support might push the price towards the $1,375 support zone. Any more losses might even push ether price below the $1,280 support.