Ethereum price recovery hindered by resistance: Can the bulls break through?

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Ethereum price began to rebound above the $2,500 area. ETH rose nearly 10% and is currently facing significant resistance around $2,920.

Ethereum has started showing good upward momentum above the support area of $2,500. The price is below $2,900 and the 100-hour simple moving average. A key bearish trend line has formed on the hourly chart of ETH/USD, with resistance at $2,920 (data provided by Kraken). If the currency pair remains below $2,920, a new round of decline may begin.

Ethereum price attempts to recover

Ethereum price began to drop significantly below $2,800, underperforming Bitcoin. ETH fell below the levels of $2,650 and $2,500, entering a bearish zone.

The price clearly fell below $2,200. The price dropped more than 25% and tested the $2,120 area. A price low formed at $2,127, which has recently started to rise again. The price has risen above $2,500.

The price broke the 50% Fibonacci retracement level of the downward trend from the swing high of $3,403 to the swing low of $2,127. However, the bears are now active near the $2,900 area. A key bearish trend line has also formed on the hourly chart of ETH/USD, with resistance at $2,920.

The Ethereum price is currently below $2,900 and the 100-hour simple moving average. On the upside, the price seems to be facing resistance around $2,900. The first major resistance level is near $2,920, as well as the downward trend line from the swing high of $3,403 to the swing low of $2,127 or the 61.8% Fibonacci retracement level.

Is ETH declining again?

If Ethereum fails to break through the resistance at $2,900, it may decline again. The initial support level on the downside is around $2,765. The first major support level is around $2,650.

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