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Ethereum Faces Critical Resistance: Break Above Might Trigger New Rally
The recent recovery in Ethereum's price has been notable, starting from the $2,470 level and breaking through key resistance points such as $2,500 and $2,540. The price has surpassed the 50% Fibonacci retracement of the recent decline, indicating some bullish momentum. However, persistent resistance around $2,660 and $2,650, along with a break below the short-term rising channel at $2,580, suggest caution. The key levels to watch are the resistance at $2,660 and the support at $2,545; a move above $2,660 could lead to further gains towards $2,720, $2,780, or even $2,880. Conversely, if Ethereum fails to clear the resistance and drops below $2,545, it could test lower support levels at $2,500, $2,470, and potentially $2,420. The MACD's bearish momentum and RSI near the midpoint reinforce the uncertain near-term outlook.
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AI Analysis
The recent price action for Ethereum indicates a tentative recovery after a decline to the $2,470 level. The breach of resistance at $2,500 and $2,540 shows buyers are attempting to regain control. Ne...
AI Recommendation
Given the current technical backdrop, traders should adopt a cautious stance. A break and close above the $2,660 resistance could serve as a bullish confirmation to initiate long positions targeting h...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.