Ethereum price is currently at a critical level and although it has pulled back from the previous high of $2,700, it may rebound again after forming support near $2,550. The future trend will depend on several important resistance and support levels:

Key Technical Analysis

Resistance:

$2,620: This is a short-term key resistance level. For Ethereum to continue the upward trend, it must break through this level and stay above the 100-hour simple moving average (SMA). $2,645: After breaking through $2,620, $2,645 will be the next important resistance level. If it succeeds in breaking through, the goal may be to retest the highs of $2,700 or even the range of $2,720 to $2,800.

Support:

$2,550: This is the primary support level at present. Ethereum must hold this level to prevent a larger correction. $2,525: If it falls below $2,550, $2,525 will be the next major support level. $2,450: If it falls further, it may test the $2,450 or even $2,400 area.

Market Sentiment and Short-term Outlook

Upside Potential: If Ethereum breaks through the $2,620 resistance and successfully holds above $2,645, it is expected to retest the $2,700 level and above. A break above this area may indicate a strong rebound in the market. Downside Risk: If ETH fails to break through $2,620, or falls below the $2,550 support, it may fall again and test the lower support level of $2,525 and below. A further break may lead the price to fall to $2,450 or even $2,400.

Technical Indicators

MACD: The hourly MACD is in the bullish zone, but the momentum is weakening, indicating that the price fluctuations may be more intense in the short term. RSI: The RSI is below the 50 area, showing the current neutral to weak state of the market.

Ethereum's future trend will largely depend on the game between $2,620 resistance and $2,550 support. If the resistance can be successfully broken, ETH may rise further; conversely, breaking the support level will trigger a larger adjustment. Under the current market sentiment and technical indicators, Ethereum's performance in the short term still needs to be cautiously watched.

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