Ethereum price corrected lower from the $1,670 resistance against the US Dollar. ETH could take a major hit if it breaks the $1,600 support.

• Ethereum started a bearish wave from the $1,660 resistance.
• The price is trading below $1,640 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance near $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must stay above the $1,600 support zone to start another increase in the short term.

Ethereum Price Slides Further

Ethereum’s price failed to clear the $1,660 and $1,670 resistance levels. As a result, ETH started another decline and traded below the $1,630 support, like Bitcoin.

The price moved below the $1,620 support as well. However, the bulls are active near the …