Ethereum's value recently climbed above $2,500, but has since corrected, now hovering around the $2,400 support zone. The price has fallen below $2,450 and the 100-hour Simple Moving Average, suggesting a potential continued downturn if it fails to surpass these levels.
A bearish break occurred below a key trend line at $2,450 in the ETH/USD hourly chart via Kraken data. Despite current declines, there's a possibility of a rebound if Ethereum stays above the $2,400 mark, potentially climbing back above $2,450, aiming for $2,500.
If Ethereum breaks the $2,500 resistance, it could see upward momentum towards $2,580 and possibly face the next hurdle at $2,650. Conversely, failure to breach the $2,450 resistance indicates possible decline towards $2,320, with further downside risks at $2,250 and $2,120, should it breach $2,400 support.
Technical indicators signal a weakening bullish momentum. The hourly MACD shows a decline, while the RSI is below 50, emphasizing the importance of holding the support level for buyers aiming for an upward correction.
