Ethereum Price Just Saw Bearish Breakdown: Can Bulls Save The Day?

Ethereum price dropped further below $1,600 against the US Dollar. ETH is in the red zone and might dive toward the $1,500 support zone.Ethereum is gaining pace below the $1,600 support zone.
The price is trading below $1,600 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is struggling and might dive further toward the $1,500 support in the short term.Ethereum Price Ex