Ethereum Price Corrects Below $1,580 After Recent Gains

Ethereum is experiencing a price correction after an increase above $1,550, currently finding support near $1,500.

ETH increased past $1,550 and $1,600, reaching a high of $1,687.
The current trading price is below $1,580 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $1,550 on the hourly chart.
Potential upward movement may occur if ETH clears the $1,580 resistance.

Market Overview

Ethereum formed a base above $1,400, gaining momentum to exceed key resistance levels. However, after peaking at $1,687, it has entered a corrective phase, dropping below the $1,600 support level.

Current technical indicators show:

Resistance at $1,580 and $1,620.
Support levels include $1,520, $1,500, and $1,380.
MACD indicates reducing bullish momentum.
RSI is below 50, suggesting weakening buying pressure.

If Ethereum fails to break above $1,580, further declines could lead to testing lower support levels.