Ethereum price started a downside correction from the $2,700 resistance. ETH is now above the $2,550 support and might aim for more gains. Ethereum is aiming for a fresh increase from the $2,550 support. The price is trading below $2,620 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $2,620 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $2,550 support to start a fresh increase in the near term. Ethereum Price Sees Downside Correction Ethereum price struggled to clear the $2,700 resistance zone. ETH formed a high near $2,700 and started a downside correction like Bitcoin. There was a drop below the $2,620 level. The price even declined below the $2,600 level and tested $2,550. A low was formed at $2,554 and the price is now attempting a fresh increase. It climbed above the $2,580 level. Ether cleared the 23.6% Fib retracement level of the downward move from the $2,701 swing high to the $2,554 low. Ethereum price is now trading below $2,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,600 level. The first major resistance is near the $2,620 level. There is also a connecting bearish trend line forming with resistance at $2,620 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $2,701 swing high to the $2,554 low. The next key resistance is near $2,645. An upside break above the $2,645 resistance might call for more gains. In the stated case, Ether could rise toward the $2,700 resistance zone in the near term. The next hurdle sits near the $2,720 level or $2,800. Another Drop In ETH? If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,550 level. The first major support sits near the $2,525 zone. A clear move below the $2,525 support might push the price toward $2,450. Any more losses might send the price toward the $2,400 support level in the near term. The next key support sits at $2,320. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,550 Major Resistance Level – $2,620
