Ethereum price is in a recovery phase, climbing above the $2,550 level, but faces significant resistance near the $2,880 mark. ETH's upward momentum is strained, trading below the 100-hourly Simple Moving Average and facing hurdles around $2,800. The main resistance stands at $2,920, with a potential rise toward $3,000 if broken.
Despite surpassing some key resistance levels, Ethereum's path to higher gains is blocked by active bears near the $2,900 zone. A failure to clear the $2,880 resistance might result in another decline, with crucial support seen near $2,550 and $2,500 levels.
Technical analysis highlights a short-term declining channel, with the MACD losing bullish momentum and the RSI dipping below 50, indicating potential downward pressure if resistance levels aren't cleared.
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