ETH Price Hints Major Correction Ahead If Buyers Lose $1620 Support

The price of Ethereum (ETH) has been in a correction mode after it turned down from the $2020 level. The coin has experienced a 17.5% decline over the past five weeks and is currently trading at around $1669. Sellers have broken through a support trendline, indicating that further correction may be ahead for the second-largest cryptocurrency. If the price drops below $1620, it would violate the uptrend theory and increase selling momentum. The wide gap between DI+ and DI- slopes on the directional moving average suggests strong bearish momentum. The intraday trading volume for Ether is $4.6 billion, reflecting a 20% loss. A breakdown below $1620 could lead to a fall to $1495 or even $1370. However, if buyers rebound from the support level and push the price above $1808, there may be an opportunity for recovery.

 

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