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### Ethereum News: Analyzing the Recent Price Dynamics
Ethereum has recently initiated a strong uptrend, surpassing the $2,750 mark, illustrating a fresh bout of investor confidence. However, following its surge to over $2,800, it is now experiencing a mild correction, potentially retesting the crucial $2,680 support level. This current price movement raises questions: is this merely a healthy pullback, or a sign of underlying weakness?
#### Price Surge and Potential Setback
After finding solid support near $2,550, Ethereum’s price outperformed Bitcoin, breaking through resistance levels at $2,650 and $2,720. The momentum carried the price above $2,800, briefly touching highs around $2,880. Nonetheless, the price has slipped below the 23.6% Fibonacci retracement level of the recent upswing from $2,483 to $2,880. This decline was further compounded by a break below a significant bullish trend line on the hourly ETH/USD chart.
Currently, Ethereum trades above $2,750 and remains well-supported by the 100-hourly Simple Moving Average. Resistance might be encountered near $2,800, with further hurdles at $2,840 and $2,880. Should Ethereum convincingly breach the $2,880 mark, it could target higher resistances at $2,920, potentially escalating towards the $3,000 or even $3,120 levels.
#### Risks of a Further Decline
Conversely, if Ethereum fails to overcome the $2,820 resistance, it might trigger a new downward trend. Immediate support is found near $2,755. More critically, the $2,680 zone aligns with the 50% Fibonacci retracement level, serving as a major support. A decisive drop below this level could steer prices toward $2,620, and failing to hold this could lead to further declines, testing the support near $2,550 and possibly down to $2,500.
#### Technical Outlook
The Hourly MACD for ETH/USD is showing a loss of momentum in the bullish zone, while the RSI has dipped below the 50 mark, indicating a shift in momentum.
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Conclusion: Ethereum’s current price correction following a significant rally poses an important juncture for investors. The ability to hold above the major support levels could dictate the short-term sentiment and potential for further gains. Conversely, sliding below key supports might indicate a deeper retracement. Investors should keep a close watch on these developments to make informed decisions in this volatile market.
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