Ethereum price is constantly facing rejections in an attempt to slice through the immediate highs above $1750. The recent upswing had raised the heat that escalated the price beyond $1800 but woefully, the price again fell below $1700 manifesting the resurgence of the bears. Additionally, the price also dropped below the 50-day EMA levels which should be a matter of concern.The ETH price recently made their lows below $100. However, a quick rebound enabled the price to regain the levels above $1200. Currently.,the price is attempting to regain the lost levels above $1750. However, the price is more likely to drop hard to test $1600 soon.#Ethereum looking weak here, as a breakout above $1,760 didn’t continue.Crucial resistance is the area of around $1,760. If that rejects, then it’s quite likely to see a retest of $1,600 before the trend continues to go up. Correction partially due to CPI tomorrow. pic.twitter.com/amUN37GwGX— Michaël van de Poppe (@CryptoMichNL) August 9, 2022 As per the analyst, the Ethereum price has been constantly testing the resistance. Therefore, a rejection from the current levels may drag the pice lower by another 10% to 13% to mark the cycle lows. However a significant rebound always follows the rally when it reaches the bottom and uplift the price beyond consolidation. Collectively, Ethereum price dropped hard as Bitcoin prices fell below $24,000. While some asset maintained a consolidated trend. Therefore, the Ethereum (ETH) price may rise high incoming daya but a notable pullback that may offer a catapult action to move higher
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