Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275

[Fawpac2]

Ethereum started a downside correction after trading to a new all-time high at $1,480 against the US Dollar. ETH price is currently approaching the $1,300 and $1,275 support levels.

Ethereum started a fresh downside correction from the $1,480 resistance zone.
The price is down around 10%, and it is trading close to the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $1,385 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to find a strong buying interest near the $1,275 and $1,280 support levels.
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