Ethereum Price Outlook: Can Bulls Regain Control?

Ethereum is attempting to rebound from the $2,500 mark but has recently fallen below $2,700 again. The price struggles against the 100-hour SMA, and a negative trend line on the hourly ETH/USD chart indicates resistance at $2,700. A breakout above $2,700 and $2,740 could trigger a significant rally.

Current Price Action

After failing to break the $2,920 barrier, similar to Bitcoin, Ethereum dropped below both $2,800 and $2,700, entering a short-term bearish phase. The price is testing the 50% Fibonacci retracement level from the recent swing low of $2,125 to the high of $2,922. Bulls are showing some strength around $2,525, and the price is currently attempting to break above $2,600.

Resistance levels are identified at $2,700 and $2,740, while further resistance lies between $2,850 and $2,910. A clear breach above $2,910 could push Ether above $2,950, potentially reaching $3,000 or $3,050 in the following sessions.

Potential Downside Risks

Should Ethereum fail to break above $2,700, it may decline again, with initial support at $2,600 and significant support at $2,525. A decisive drop below $2,525 could see the price approach $2,440, aligning with the 61.8% Fibonacci retracement level. If downward momentum continues, further support is found at $2,350 and $2,240.

Technical Indicators

- MACD:Losing momentum in the negative zone

- RSI:** Above 50

Key Levels:

- Major Support:$2,525

- Major Resistance:$2,700

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