After a strong rise from less than $2,100 in early May, the price of Ethereum today stabilizes at just below $2,700. This level has formed a psychological barrier after Ethereum reached its peak at $2,722, which triggered a slight rejection during the day. The recent increases in the price of Ethereum have brought it back to a long-term bearish resistance area, making it a crucial zone to validate the trend as May 15 approaches.

What is happening with the price of Ethereum?

Daily and weekly charts show Ethereum regaining bullish control after breaking a descending wedge pattern that lasted for several months. On the daily chart, Ethereum is currently testing a diagonal resistance trendline stemming from its highs in November 2023. This price crosses around the $2720-2750 level - an area also supported by the 0.5 Fibonacci retracement on the weekly timeframe ($2745), making it a key pivot area.

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