Ethereum is enduring the rough conditions of a weekly Tight Bear Channel to a 43% correction.

Now coming close to the $2,500 to $2,700 Main Support, this key level will act as a test.

A rebound here is largely possible, as the market tests the 61.8% Fibonacci Retracement of the entire move higher; A strong level of interest for Traders and Algorithms.

Below $2,500 however, the outlook is for a more downwards action.

As mentioned in our altcoin analysis form yesterday, for long-term investments, creating regular buying programs (DCA-style) around here could make sense after such a strong correction.

Nevertheless, the price action is not one of immediate rebound, so keep your risk in check.