Ethereum traded to a new yearly high at $636 before correcting lower against the US Dollar. ETH price is showing bearish signs and it could decline heavily if there is a break below $570.

• Ethereum started a downside correction after trading to a new yearly high at $636.
• The price is trading below the $600 level and approaching the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair is likely to continue lower if it fails to stay above $570 and the 100 hourly SMA.

Ethereum Price is Down 4%

There was a decent increase in Ethereum above the $600 and $620 levels. ETH price even broke the previous swing high and traded to a new yearly high at $636. However, the bulls failed to …