Here's ETH's recovery pain point after a strong rebound from $1600 support level.
portrays grim prospects for the ecosystem as fees, NFT volume, TVL , and overall network growth declined.The $1800 and $1700 price zones have been key support levels in Q2 2023. However, both supports have been breached asSource: ETH/USDT on TradingView
But ETH rebounded strongly from the ascending support, posting about 7% gains, rising from $1627 to $1769. The mild rally fluctuated narrowly below the $1740 resistance at press time. Besides, the H4 market structure was bearish at press time and could only flip bullish if ETH moved beyond $1775. So, a downswing couldn’t be overruled, and a retest of the ascending support near $1640 was on the cards.
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