Ethereum's price is experiencing consolidation near the $2,400 support level after a downside correction below the $2,500 zone. The cryptocurrency is trading just above $2,430 and the 100-hourly Simple Moving Average, indicating potential for a fresh increase if it surmounts the $2,465 resistance.
A short-term rising channel, with support at $2,420, suggests that Ethereum could target higher levels if it breaks above $2,500, with the next resistance set around $2,600 or $2,650.
Conversely, failure to clear $2,465 may trigger a decline, with initial support around $2,420 and major support at $2,390. A significant downside could push the price below $2,325, with critical support at $2,120.
Technical indicators such as the MACD and RSI show Ethereum is losing bearish momentum and is currently above the 50 zone, respectively, which could influence upcoming price movements.
