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Key Takeaways
- ETH rejected at the 50-day SMA near $1,795.
- First support sits at the $1,737 Fib level.
- Smart money sentiment reads extremely bearish.
The Rejection Level
ETH trades near $1,770 after being turned away at its 50-day SMA around $1,795 on the TradingView chart, the level sellers have defended since the recovery began. The bounce from the late-June low near $1,510 carried price through the descending trendline and up to the moving average, but the test failed, with the daily candle down 1.7% until the time of writing.
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