The price of Ethereum (ETH) has risen above the $2,500 level but is currently experiencing a corrective decline. It may find support around the $2,400 zone. The bears have been active above the $2,500 level, causing a downside correction. The price has dipped below the $2,450 support level and is now trading below the 100-hourly Simple Moving Average. However, the bulls are protecting the 50% Fibonacci retracement level. If the price breaks above the $2,450 resistance, it could continue to rise towards the $2,580 resistance zone. On the other hand, if it fails to clear the $2,450 resistance, it may start another decline with initial support at $2,420 and major support at $2,400. Technical indicators show that the MACD is losing momentum in the bullish zone and the RSI is below 50.
Attention Investors! Upbit and Bithumb Are Preparing to List This Altcoin That Caused Prices to Fly!
‘All Eyes on BTC’ – Trader Sees Bitcoin Mirroring October 2023 Run-Up After 200 Days of Accumulation