Ether ($ETH ) rebounded from the support near $2,567 on August 17, indicating that the bulls are attempting to establish a higher low. This movement signals the beginning of a potential recovery, but the road ahead may not be smooth. The $ETH /USDT pair is likely to encounter significant selling pressure within the $2,772 to $2,850 range, marked by the 20-day EMA. Should the price reverse from this overhead resistance, it would imply that the bears are working to solidify the $2,850 level as a barrier, heightening the chances of a drop below $2,500.

On the other hand, if Ether can break and close above $2,617, it would suggest that the market is rejecting lower levels, paving the way for a stronger recovery. In this scenario, the pair could target the 50-day SMA around $3,085, with further potential to rise toward $3,400 as bullish momentum gains traction. This would signal a shift in market sentiment, favoring the bulls as they aim for higher levels.

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