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Ethereum Price Adjusts: Minor Setback or Red Flag?

$ETH

#Ethereum #ETH #crypto #cryptocurrency #blockchain #trading

Ethereum News: Price Fluctuations and Market Dynamics

In recent Ethereum news, the cryptocurrency has experienced a notable rise, initially climbing above the $2,750 mark. This surge led ETH to briefly surpass the $2,800 threshold, reaffirming its bullish momentum above the 100-hourly Simple Moving Average. However, Ethereum is now undergoing a correction, potentially retesting the $2,680 support level.

Recent Surge and Corrections

Ethereum’s journey began with robust support around the $2,550 level, outperforming Bitcoin in its ascent. The digital currency successfully breached resistance levels at $2,650 and $2,720 before escalating past the $2,800 mark, even peaking above $2,850. A high was recorded at $2,880, after which Ethereum began to retract, dipping below the 23.6% Fibonacci retracement level of the recent upswing from the $2,483 low to the $2,880 peak.

A significant development was the breach below a key bullish trend line with support stationed at $2,800 on the hourly chart of ETH/USD. Despite these corrections, Ethereum continues to trade above $2,750 and maintains its position over the 100-hourly Simple Moving Average.

Potential Resistance and Future Outlook

Looking ahead, Ethereum might encounter resistance near the $2,800 mark. Further resistance could appear near $2,840, with major resistance looming at $2,880. A decisive break above this level could propel Ethereum towards the $2,920 mark, potentially triggering further gains. If this upward trajectory continues, Ethereum might even target the $3,000 zone or stretch up to $3,120.

Risks of Further Declines

On the flip side, if Ethereum struggles to surpass the $2,820 resistance, it could face a downward correction. The initial support is found near the $2,755 level. More critical support is positioned around the $2,680 area, aligning with the 50% Fibonacci retracement of the ascent from $2,483 to $2,880. A breach below this support could push Ethereum towards the $2,620 mark, and further losses may drive it down to the $2,550 support level, with the next significant support at $2,500.

Technical Indicators

The Hourly MACD for ETH/USD is showing a loss of momentum in the bullish zone, while the Hourly RSI has dipped below the 50 mark, indicating a potential increase in sell pressure.

For more detailed analyses, visit [Financier News](https://www.financier.news/), where you can explore comprehensive insights into the evolving cryptocurrency market. To delve deeper into Ethereum and other cryptocurrencies, check out [Binance](https://www.binance.com/).

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