#BinanceAlphaAlert Ethereum Dips to $2,400 Amid Market Correction: Is $2,200 Next?

However, the failure to break above the neckline has triggered a pullback toward the 38.20% Fibonacci retracement level near $2,400. With an intraday drop of 3.74%, Ethereum is currently trading at $2,403, below the 200-day EMA.

After rebounding from a 24-hour low of $2,349, Ethereum is struggling to hold above the key Fibonacci support. The short-term pullback is also signaling a potential bearish crossover between the MACD and signal lines. If confirmed, this negative crossover could indicate a deeper correction, potentially invalidating the bullish pattern.

Meanwhile, the immediate support below the 38.20% Fibonacci level lies at the 100-day EMA, currently around $2,193, followed by the psychological support at $2,000.

On the bullish side, Ethereum could rally toward the $4,000 mark if the broader market stabilizes, based on the rounding bottom breakout pattern.$ETH