The 50% Fib retracement level of the upward move from the $1,005 swing low to $2,019 high is also positioned near the $1,520 level to provide support.
Any losses below $1,220 and $1,200 could push ether price back into a downtrend. Ethereum could revisit the $1,000 support. On the upside, an immediate resistance is near the $1,600 level.
Overall, Ether price is still trading near a crucial support at $1,500. If the bulls fail to protect the $1,500 and $1,400 support levels, there is a risk of a sharp decline.