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Ethereum Recovers Losses, Why Bulls Face Major Challenge

Ethereum stayed above the $2,550 support zone against the US Dollar. ETH price is rising, but it must clear $2,700 for a sustained move higher

Ethereum found support near $2,580 after a downside correction from $2,800.
The price is now trading above $2,650 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $2,640 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a strong increase if there is a clear move above the $2,700 resistance.

Ethereum Price Revisit $2,700
Ethereum started a downside correction from the $2,800 resistance zone. ETH traded below the $2,750 support level and even declined below $2,700.
The price even spiked below the $2,600 level, but the bulls remained active above $2,500. A low was formed near $2,577 and the price is now rising. There was a recovery wave above the $2,600 and $2,620 resistance levels.
Ether climbed above the 23.6% Fib retracement level of the downward move from the $2,819 swing high to $2,577 low. Besides, there was a break above a key bearish trend line with resistance near $2,640 on the hourly chart of ETH/USD.
The pair is now trading above $2,650 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $2,700 level. It is near the 50% Fib retracement level of the downward move from the $2,819 swing high to $2,577 low.

Source: ETHUSD on TradingView.com
A clear move above the $2,700 resistance could stage a strong upward move. The next key resistance is near the $2,800 level, above which ether price might accelerate higher towards the $3,000 resistance zone in the near term.
Fresh Decline in ETH?
If ethereum fails to start a fresh increase above the $2,700 resistance, it could start another decline. An initial support on the downside is near the $2,660 level and the 100 hourly SMA.
A downside break below the 100 hourly SMA might put pressure on the bulls. The next major support is near the $2,600 level, below which there is a risk of a sharp decline. In the stated case, the price might dive towards the $2,500 level or $2,480.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $2,600
Major Resistance Level – $2,700

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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