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30/09/24
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Ethereum Faces Resistance and Potential Decline as Pullback Continues
Ethereum is currently experiencing a pullback after reaching a peak near $2,728. The digital asset has now settled below the $2,650 level and is on the lookout for support around the $2,600 level. This correction follows a brief stint where Ethereum surged past the $2,700 level, only to be met with selling pressure that led to its recent decline.
As Ethereum attempts to rebound, it faces significant resistance at approximately $2,650. A bearish trend line has formed, and this level seems to act as a critical barrier for any potential price increases. Despite the current bearish sentiment, should ETH manage to clear this resistance, it could pave the way for further gains, targeting $2,685 before approaching the notable resistance at $2,720.
If Ethereum finds itself unable to surpass the resistance at $2,650, it may drift lower, with initial support anticipated near the $2,600 level. Should this support fail, the next major level to watch would be around $2,550. A breakdown past this point could trigger further declines, potentially driving the price down toward $2,520 and possibly even reaching the $2,450 support.
Technical indicators suggest a cautious outlook. The hourly MACD indicates increasing bearish momentum, while the Relative Strength Index (RSI) has slipped below the neutral 50 level, reinforcing the notion of a prevailing downward trend. Traders will be keenly observing whether Ethereum can maintain support around the $2,600 level; a failure to do so could lead to further losses in the near term.
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