Ethereum's recent price movement has shown an extended loss, testing the $2,320 support level. The cryptocurrency is currently correcting losses and aims to rise above the $2,420 resistance.
The price situation remains bearish, below $2,420 and the 100-hourly Simple Moving Average. A significant resistance is forming at $2,420, which Ethereum must break to initiate a substantial price increase.
If successful, Ethereum could target resistances at $2,450 and potentially $2,500. However, failure to clear the $2,420 level may lead to further declines, with support expected at $2,380, $2,350, and possibly as low as $2,220.
Technical indicators such as the MACD and RSI support the potential for a bullish trend, indicating momentum in the market.
