Ethereum price extended its rise above the $2,650 resistance level but is now correcting its gains. It could find new bids near the $2,600 support level. ETH is trading above $2,600 and the 100-hour Simple Moving Average, with a key bullish trend line forming at this point.
Ethereum was able to break through $2,550 and $2,650 resistance levels, and tested the $2,700 zone, forming a high at $2,701. However, it has since dropped below $2,650 and is correcting its earlier gains. The 23.6% Fib retracement level was broken as well.
The price faces hurdles near $2,650 with major resistances at $2,680 and $2,700. An upside break above $2,700 could push Ethereum towards $2,780 or higher. Initial support on the downside is near $2,615, with major support at $2,600. Further losses could see the price drop to $2,550 or $2,525, with key support at $2,450.
Technical indicators show the MACD gaining momentum in the bearish zone, while the RSI is below 50. Major support is at $2,600, and major resistance is at $2,650.
