After the events of last week, when the cryptocurrency market collapsed, Ethereum tried to recover, but partially succeeded. Having almost reached the price of $3,000, it began a smooth decline down to the levels of $1800-$1900.
However, even after a short period of decline, the cryptocurrency does not intend to continue it. Right now, the price of the token has already exceeded $2,724 on the Binance crypto exchange, in addition, the behavior of the cryptocurrency is showing all signs of an upward trend. This is confirmed by the 100-hour simple moving average, located above the $2,500 mark.
The second cryptocurrency on the market managed not only to break through the bearish "defense" at around $2,600 but also to continue to rise above the resistance level of $2,650. Now that the break above the retracement level has been passed, Ethereum can enlist the support of the $2,700 bulls and get close to $3,000.
If Ethereum does not manage to get sufficient support from the community, after breaking the level of $2900-$2950, it can begin a correction, again falling to $2650-$2700. After that, it may take much longer for it to restore its previous values of $3000-$3500, and even more so, to reach the new ATH above $4362.35.
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