Ethereum Drops Nearly 2% After Hitting Resistance Level

Ethereum's recent surge has hit a snag as its price dropped nearly 2% after reaching $2,513.

The asset is currently trading near $2,465, which may signal a potential pause or pullback in the rally according to technical indicators like MACD and RSI.

Retail traders remain strongly bullish at 70.3% long, while larger traders are more cautious at 56.6% long.

Analysts estimate a 60% chance that Ethereum will drop to support levels around $2,415 or $2,365 before any possible breakout above resistance.