Ethereum Price Corrects After Rising Above $2,720 Support

Ethereum (ETH) price has surpassed $2,720 but is currently correcting and may approach the $2,500 support level.

ETH increased above the $2,720 resistance.
Current trading is above $2,520 and the 100-hourly Simple Moving Average.
A short-term declining channel or bullish flag is forming with resistance at $2,630 on the hourly chart.
Bids could emerge near $2,500, potentially leading to a fresh increase.

Price Movements

ETH surpassed the $2,620 mark, outperforming Bitcoin. The price peaked at $2,736 before correcting below $2,650 and dipping below the 50% Fib retracement level of the upward move from $2,415 to $2,736.

The price remains supported above $2,550 and faces resistance near $2,620. Further resistance is present at $2,680 and $2,720. A breakout above $2,720 may lead to targets around $2,820 or even higher.

Potential Downside Risks

If ETH cannot break through the $2,630 resistance, it may face a downside correction. Initial support is near $2,575, followed by major support at $2,500, corresponding to the 76.4% Fib retracement level. A breach below $2,500 may push the price toward $2,420 or $2,350.

Technical Indicators

Hourly MACD is losing momentum.
Hourly RSI is below the 50 mark.
Major Support Level – $2,575
Major Resistance Level – $2,680