Ethereum Price Surpasses $2,700 Resistance Before Correcting Gains

Ethereum's price has risen above $2,700 but is currently correcting and may test the $2,575 support level.

Ethereum cleared the $2,700 resistance after starting an increase.
Current trading is above $2,620 and the 100-hourly Simple Moving Average.
A bearish trend line was broken at $2,450 on the ETH/USD hourly chart.
Support is expected near $2,575, with potential for a rebound.

Price Movements

ETH maintained upward momentum above $2,550, surpassing Bitcoin. It peaked at $2,736 before experiencing a minor decline.

The price remains above the 23.6% Fib retracement level from a low of $2,416 to the high of $2,736, indicating continued bullish activity above $2,620.

Resistance levels are noted at $2,720 and $2,735, while a break above $2,750 could lead to targets of $2,840 and possibly $2,950.

Potential Downturn

Failure to breach the $2,720 resistance may trigger a downside correction. Key support levels include:

$2,600
$2,575 (50% Fib retracement)
$2,500
$2,420
$2,350

Indicators show the MACD is losing bullish momentum, while the RSI remains above 50.