After reaching a maximum of around 2645, the ETH/USD pair began a new stage of correction. Investors began to fix profits as a result the ETH/USD pair began to decline. At the moment, there is an activation of bears and an active decline in price. The ETH/USD pair dropped below the support levels of 2600, 2500 and is trading around $2470. Thus, the ETH/USD pair dropped below the 100-hour moving average again.
On the 1 hour chart, the pair is forming a downward channel with support around 2430 and resistance around 2500.
A decline below the support level of 2500 is a bad signal for the ETH/USD pair. This means that we can expect the ETH/USD pair around 2450 in the next few hours. A break below this level will bring the pair to the area of 2400 in the near future.
If the bulls are able to stop the drop in the price of Ethereum at this stage, they will need to break through the nearest resistance level of 2550 to start rising. The support level of 2600 is again a resistance level that needs to be overcome to start a new rally. The main area of resistance is still between 2640 and 2650 dollars. Passing this area will clear the road for growth to the area of 2750.