Ethereum price began a downside correction from the $2,700 resistance. ETH is now above the $2,550 support and targeting more gains. The price is trading below $2,620 and the 100-hourly Simple Moving Average.
A connecting bearish trend line with resistance at $2,620 is forming on the ETH/USD hourly chart. Staying above the $2,550 support is crucial for another increase.
ETH faced a drop to $2,554 but is now attempting a fresh advance, having cleared the 23.6% Fib retracement of the $2,701 to $2,554 decline.
Immediate resistance lies near $2,620 and $2,645. A break above these levels could push Ether to the $2,700-$2,800 zone. However, failure to clear $2,620 may lead to another decline, with key supports at $2,550 and $2,525. Further drops might touch $2,450 or $2,400.
Hourly MACD for ETH/USD is slowing in bullish territory, and RSI is below 50.
