Ethereum price is correcting gains below the $2,650 resistance and is now trading near the $2,600 support. There is a key bearish trend line forming with resistance at $2,630 on the hourly chart of ETH/USD.
The price faced a downside correction below the $2,650 level, consolidating losses at the $2,575 mark. It briefly climbed above $2,600 and is currently trading below $2,640 and the 100-hourly Simple Moving Average.
The $2,625 and $2,630 levels are acting as significant resistance, followed by $2,650 and $2,665. An upside break above $2,665 could lead to gains, pushing the price toward $2,700 and possibly $2,800.
If ETH fails to clear $2,630 resistance, initial support lies at $2,600, with major support at $2,550. Further decline could push the price towards $2,500 and even $2,450.
The MACD is losing momentum in the bearish zone, and the RSI is below the 50 mark.
