Ethereum Price Correction: Support at $2350 Under Pressure

Ethereum (ETH) experienced a price pullback after a bullish attempt, falling below the $2450 mark and testing the crucial $2350 support level. This decline followed a break below a key bullish trendline, indicating a potential shift in short-term momentum. While the price briefly dipped below $2400, finding a low around $2373, a recovery attempt is underway.

Technical Analysis:

Currently, ETH trades below both the $2450 level and the 100-hourly Simple Moving Average. Resistance is anticipated near $2420 and more strongly at $2450 (close to the 50% Fibonacci retracement level of the recent decline). Breaking above $2465 could propel the price towards $2520 and potentially higher.

Support Levels:

Immediate support rests around $2375, with a more significant support zone at $2350. A decisive break below $2350 could trigger further losses, potentially pushing the price towards $2280 or even $2220. The next major support level is at $2150.

Indicator Overview:

The hourly MACD shows weakening bearish momentum. The hourly RSI is below 50, suggesting bearish sentiment.

The Outlook:

The short-term outlook for ETH hinges on the $2350 support. A successful defense of this level could signal a resumption of the upward trend. Conversely, a break below could lead to a more significant correction. Traders should closely monitor price action around these key levels and the technical indicators for confirmation of directional bias.