Ethereum Price Faces Potential Correction Below $2,320 Support Level

Ethereum has begun a new upward trend, surpassing the $2,450 mark but is currently correcting gains from a high of $2,520. A potential drop to the $2,320 support level is possible.

ETH has risen above $2,350 and is trading above $2,400.
The price breached a bullish trend line at the $2,450 support level.
Stability above $2,320 may allow for further increases.

Current Price Action

Ethereum recently cleared resistance levels at $2,350 and $2,450, establishing a positive momentum. The price peaked at $2,520 but is now correcting.

Currently, ETH is above $2,400 and the 100-hourly Simple Moving Average. Resistance may occur near $2,500 and subsequently at $2,520.

Key resistance levels are at $2,550 and $2,600. A break above $2,600 could lead to gains toward $2,720 or $2,800.

Potential Decline Risks

If ETH does not surpass the $2,520 resistance, it might decline. Initial support is at $2,400, with major support at $2,320.

A move below $2,320 could see prices fall to $2,250 and potentially $2,200. Further declines may target the $2,150 support level.

Technical Indicators:

Hourly MACD shows decreasing bullish momentum.
Hourly RSI is below 50.
Major Support Level: $2,320
Major Resistance Level: $2,520