Ethereum Price Action Turns Bearish — Risk of Near-Term Correction

Ethereum's price started a fresh increase above the $2,450 zone and is now correcting gains from $2,520. The price might slip to test the $2,320 zone, which is a major support level. Ethereum started a fresh upward move above the $2,350 level and is trading above $2,400 and the 100-hourly Simple Moving Average. A break below a connecting bullish trend line with support at $2,450 on the hourly chart of ETH/USD occurred. The pair could start a fresh increase if it remains stable above the $2,320 zone in the near term. Ethereum price dipped below support after forming a high at $2,520 and is now correcting some gains. The bulls were active above the $2,500 level, but the price is now trading above $2,400 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $2,500 level, with the next key resistance at $2,520. If Ethereum fails to clear the $2,520 resistance, it could start a fresh decline, with initial support on the downside near the $2,400 level.