Ethereum's price has tested the $2,350 support after extended losses and is now in a consolidation phase, suggesting a potential rise above the $2,400 resistance level. It initiated a downward correction, trading above $2,420 and the 100-hourly Simple Moving Average.
The price saw a drop below a short-term rising channel, ending at $2,350. If Ethereum stays above this support, another increase could be on the horizon.
The price failed to gain above the $2,500 resistance, remaining in a bearish zone and testing the $2,350 level. A low formed at $2,350, with a subsequent rise above $2,350 and $2,360. The price crossed the 23.6% Fibonacci retracement level of the downward move from a $2,467 high to a $2,350 low.
Facing hurdles at the $2,400 resistance level and trading below the 50% Fibonacci retracement level at $2,410, clearing this resistance could push the price toward $2,450 and potentially above $2,550 in the near term.
Failure to surpass the $2,410 resistance might lead to a decline, with initial support around $2,365 and major support at $2,350. A move below this support level could drive the price to $2,300 or even $2,250.
The MACD shows reduced bearish momentum, while the RSI stands below 50, highlighting the importance of the $2,350 support and $2,410 resistance levels in defining the next move.
