Ethereum price is currently correcting from its recent gains, moving down from the $2,720 resistance level. It is now trading below $2,650 and the 100-hourly Simple Moving Average.
A key bearish trend line is forming with resistance at $2,650 on the hourly chart of ETH/USD. For a fresh increase, ETH must stay above the $2,600 support level in the near term.
Ethereum initially extended its gains, trading above $2,650 and reaching a high of $2,728 before starting a downside correction. It fell below $2,700 and $2,650, and is now below the 50% Fib retracement level of its recent upward move.
The price could find support near the $2,600 level or the 76.4% Fib retracement level. To the upside, key resistances are at $2,650, $2,685, and $2,720, with potential targets at $2,840 if an upside break occurs.
Failing to clear the $2,650 resistance may push Ethereum lower, with initial and major supports at $2,600 and $2,550. A decline below $2,550 could lead to further losses, targeting $2,520 and potentially $2,450. The next key support sits at $2,365.
The hourly MACD is gaining momentum in the bearish zone, and the RSI is below 50, signaling bearish momentum. The major support level is at $2,600, and the major resistance level is at $2,650.
