Ethereum Price: Bulls Wrestle to Defend Crucial Support Post-Rejection

Ethereum faces resistance near $2,620, may struggle to hold $2,500.

• Ethereum Price has experienced a bullish trajectory over the past four months, marking an impressive 78% growth.

• The expanding channel's integrity suggests that the recovery of ETH price may persist.

• The market participants seem to have taken notice of this pattern structure, as ETH coin price has rebounded at least three times from both trendlines.

• Ethereum encountered difficulty in advancing beyond the $2,600 and $2,620 levels, hindering its upward momentum.

• Following this, ETH saw a reduction in gains and could face challenges in maintaining a position above the critical $2,500 support zone.

• In the event of a falling coin price, potential demand pressure is expected at $2430 and $2300 support levels.

• Anticipating a rebound, ETH price is likely to surge from the lower trendline, aiming to surpass $2700 and ultimately target the $3000 mark.

• The weekly analysis using Fibonacci Retracement indicates forthcoming Ethereum price prediction around $3,100.

KEY LEVELS :

RESISTANCE LEVEL : $2,560-$2,620

SUPPORT LEVEL : $2,450-$2,400

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