Ethereum traders gauge fakeout risks after 50 ETH price rally

Ethereum’s native token Ether (ETH) saw a modest pullback on July 17 after ramming into a critical technical resistance confluence.ETH’s price dropped by 1.8% to $1,328 after struggling to move above two strong resistance levels: the 50-day exponential moving average (5-day EMA; the red wave) and a descending trendline (black) serving as a price ceiling since May.