Ethereum Price Corrects Below $2,500 After Rally to $2,600

Ethereum price is correcting after reaching $2,600, with potential support at $2,350.

Price started to decline from the $2,600 resistance level.
Currently trading above $2,400 and the 100-hourly Simple Moving Average.
Break below a bullish trend line at $2,500 noted on the hourly chart.
Potential bids near $2,350 could lead to a new increase.

Recent Price Movement

Ethereum showed strength by surpassing the $2,400 resistance after initially holding above $2,350. It achieved a high at $2,624 before beginning to correct. The price has retraced below the 50% Fibonacci level of the rise from $2,272 to $2,624.

The price currently faces resistance at $2,500, with further key levels at $2,550 and $2,620. A breakthrough above $2,620 could target $2,650 or higher.

Potential Downside Risks

If Ethereum does not break through the $2,500 resistance, it may face a correction. Key support levels are:

$2,400
$2,350 (first major support and 76.4% Fibonacci level)
$2,275
$2,220
$2,200 (next key support)

Technical indicators show weakening momentum in the bullish zone. The RSI for ETH/USD is currently below 50.

Major Support Level – $2,350

Major Resistance Level – $2,500