Ethereum Price Forecast: Will ETH Bounce Back or Continue to Dip?
Ethereum Price Struggles to Regain Momentum
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Ethereum (ETH) has been grappling with a recent pullback, failing to sustain gains above the $2,750 resistance level. The cryptocurrency is currently attempting to break above the $2,650 mark, but faces resistance from both the 100-hourly Simple Moving Average and the $2,680 level.
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The price action suggests a battle between bullish and bearish forces. While a break above the $2,700 resistance could ignite a rally towards $2,750 and beyond, a failure to clear $2,650 could lead to further downside pressure.
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Key Resistance Levels
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- $2,650
- $2,700
- $2,750
- $2,800
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Key Support Levels
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- $2,600
- $2,550
- $2,500
- $2,440
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Technical Indicators
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The hourly MACD for ETH/USD is currently in the bearish zone, suggesting a potential continuation of the downward trend. The hourly RSI for ETH/USD is below the 50 level, indicating weakness in the market.
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Ethereum’s Future: Bullish or Bearish?
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The upcoming days will be crucial for determining the direction of Ethereum’s price. A break above the $2,650 resistance could signal a renewed bullish momentum, while a failure to overcome this level might lead to further consolidation or even a deeper correction. Traders should monitor price action closely and watch for signs of a break above or below key resistance and support levels.
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