Ethereum Corrects Rally, But 100 SMA Could Spark Fresh Increase

Ethereum climbed further above the $2,500 level against the US Dollar. ETH price is correcting gains, but it is likely to remain stable near $2,350 and the 100 hourly SMA.

Ethereum gained pace above $2,500 and it traded to a new all-time high near USD 2,548.
The price is now trading well above $2,400 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to resume its rise as long as it is above the $2,350 support zone.

Ethereum Price Is Correcting Gains
Ethereum followed a bullish path above the $2,400 level and extended its gains. ETH even broke the $2,500 level and traded to a new all-time high at $2,488.
Recently, there was a downside correction below the $2,500 level, similar to bitcoin. The bears were able to push the price below the $2,480 support level. The price even broke the 50% Fib retracement level of the upward wave from the $2,406 swing low to $2,548 high.
The price is now approaching the $2,420 support level. It is testing the 76.4% Fib retracement level of the upward wave from the $2,406 swing low to $2,548 high.

Source: ETHUSD on TradingView.com
There is also a key rising channel forming with support near $2,420 on the hourly chart of ETH/USD. If there is a downside break below the channel support, the price could decline towards the $2,350 support. The 100 hourly simple moving average is also near the $2,350 level to provide support.
Any more losses might call for a move towards the $2,300 level in the near term. The next major support is near the $2,200 level (the last major breakout zone).
Fresh Increase in ETH?
If Ethereum stays above the channel support, it could start a fresh increase above $2,450. An initial resistance on the upside is near the $2,500 level.
A successful break above the $2,500 level could initiate a move towards the $2,550 level. Any more gains are likely to set the pace for a test of $2,600 or even $2,660 in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
Major Support Level – $2,350
Major Resistance Level – $2,500

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