Ethereum Price Drops 6% and Signals Risk of Trend Change Below This Support

Ethereum started a downside correction below $1,600 against the US Dollar. ETH is down over 6% and remains at a risk of a drop below the $1,480 support.Ethereum is showing a few bearish signs below the $1,600 and $1,580 levels.
The price is now trading below $1,600 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,620 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover if it stays above the $1,500 and $1,480 supp