TA: Ethereum Plunges to $1,550: Can Bulls Save the Day?

Ethereum corrected lower below $1,650 against the US Dollar. ETH must stay above the $1,550 support zone to avoid a sharp bearish reversal.Ethereum started a key downside correction and traded below the $1,650 level.
The price is now trading below $1,650 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $1,550 support to start a fresh increase i