Ethereum Price Battles to Bounce Back: Is a Recovery Coming?

Ethereum has encountered some resistance above the $2,750 mark and is currently facing challenges in initiating a fresh upward move above $2,650. The price correction has brought it below the $2,650 support level and the 100-hourly Simple Moving Average. However, there has been a positive development as a bearish trend line at $2,620 was broken, suggesting a potential for a new increase. To regain traction, Ethereum must surpass the $2,650 and $2,680 resistance levels. If successful, it may rally towards the $2,700 level, followed by the $2,750 resistance. In the worst-case scenario, if the resistance remains unbroken, Ethereum could witness another decline, with initial support near $2,600 and major support at $2,550. Technical indicators indicate a bearish trend with the MACD gaining momentum in the bearish zone and the RSI falling below 50.