Ethereum plunged to $1,550. Will the bulls save the situation? The Ecoinomic

Ethereum has corrected to a lower level below $1,650. ETH must currently sustain above the $1,550 support zone to avoid a sharp bearish reversal.

Ethereum started a significant bearish correction and traded below $1,650.
The price is currently trading below $1,650 and the 100-hour simple moving average.
There is a connected bearish trendline forming with resistance near $1,700 on the hourly chart of ETH/USD.
The pair must sustain above the $1,550 support level to start the rally in the near term.

Ethereum price drops by more than 6%

Ethereum was unable to sustain above the $1,750 and $1,720 levels. ETH has dropped below $1,700 and a simple 100-hour moving average.

The price dropped more than 5% and even plunged below $1,600, similar to Bitcoin. The altcoin even tested the $1,550 support level and traded as low as $1,552. Ether is currently trading below $1,650 and the 100-hour simple moving average.

The bulls are currently pushing the price above the 23.6% Fib retracement level of the downward move from the $1,789 high to the $1,552 low. In the opposite direction, the price is facing resistance near the $1,620 level.

The next major resistance is near the $1,660 and $1,670 levels. It is located near the 50% Fib retracement level of the downward move from the $1,789 high to the $1,552 low. A break above $1,670 can bring the price back to $1,700.

Ethereum Price Chart — Ethereum price chart

There is also a connecting bearish trendline formed with resistance near $1,700 and a simple 100-hour moving average on the hourly chart of ETH/USD. Any further gains are likely to open the door for a move toward the $1,780 resistance level in the near term.

ETH extra losses?

If Ethereum fails to break above the $1,660 resistance, it could continue to decline. Initial support on the downside is near the $1,580 zone. The next major support is nearly $1,550.

A fall below the $1,550 support level could cause more losses. In the stated case, the price of Ether could fall to the level of $1,500. Any further losses could push the price to $1,440.