$ETH Ethereum, one of the leading cryptocurrencies, recently experienced a decline after failing to break through the $2,920 resistance. Now, ETH is trying to bounce off the $2,500 zone and is eyeing a rise if it manages to break through the $2,740 resistance. With the volatile market conditions, the chances of returning to the bullish path seem wide open.

After failing to break through the critical resistance level at $2,920, Ethereum experienced a significant decline. The currency fell below the $2,800 and $2,700 support levels, entering a short-term bearish zone. This decline took ETH to the #retracement level

50% Fibonacci of the previous bullish wave, which started from a low of $2,125 to a high of $2,922.

Currently, Ethereum is struggling to recover, with bulls trying to push the price back above the $2,600 level. However, challenges remain as ETH is still trading below $2,700 and the 100 hourly simple moving average. There is also a bearish trend line forming with resistance at $2,700 on the hourly chart of ETH/USD