Ethereum ’s price has recently experienced a correction, testing the crucial support level at $2,400. Currently, ETH is in a consolidation phase with potential prospects of rallying above the resistance set at $2,465.
Initially, the price movement shifted below the $2,500 level, which prompted a downward correction following a similar pattern observed in Bitcoin . This resulted in Ethereum trading under the $2,465 support, eventually slipping below the $2,420 level. Notably, this decline brought the price closer to the 50% Fibonacci retracement level stemming from a previous upward movement that peaked at $2,519 after reversing from a low of $2,310. Presently, it appears that the buying interest is holding strong, aiming to maintain ETH above the critical $2,400 support.
At present, Ethereum is trading slightly over $2,430, aligning just above the 100-hour Simple Moving Average. The price encounters resistance near the $2,465 mark, with a short-term rising channel also forming that shows support at $2,420 on the hourly chart. A decisive move beyond $2,465 could propel the price toward the significant $2,500 resistance. Should this barrier be surpassed, this would likely initiate a rally toward $2,600 and possibly higher levels around $2,650 or $2,665 in subsequent sessions.
Conversely, if Ethereum struggles to surpass the $2,465 resistance, it may trigger a further decline. Important initial support is identified near $2,420, with significant support levels around $2,390, which aligns with the 61.8% Fibonacci retracement from the prior upward wave. Crossing beneath this support could potentially push the price down to around $2,325, followed by increased risks toward the $2,240 support, with an ultimate critical level near $2,120 awaiting further potential losses.
