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Ethereum Fails to Break 2100 Resistance, Growing Downside Risk

Ethereum's recent attempts to break above the crucial 2100 resistance level have ended in failure, sparking concerns about a potential downturn in the market. The cryptocurrency, which had been trading in a narrow range for several days, saw a brief surge above 2100 earlier this week, only to fall back below the mark.

The failed attempt to break above 2100 has led many analysts to sound the alarm about growing downside risk for Ethereum. The cryptocurrency's failure to sustain a move above the key resistance level has led to a renewed sense of uncertainty and caution among traders.

Ethereum's price has been stuck in a tight range for several weeks, with the cryptocurrency struggling to make significant gains. The recent failure to break above 2100 has only added to the sense of unease, with many traders wondering if the cryptocurrency is due for a correction.

The growing downside risk for Ethereum is also being fueled by a number of technical indicators, including the MACD and RSI. Both indicators are flashing warning signs, suggesting that the cryptocurrency is due for a pullback.

The failure to break above 2100 has also led to a renewed focus on Ethereum's fundamental factors, including its adoption rate and the level of activity on the blockchain. While Ethereum's adoption rate remains strong, some analysts are beginning to question whether the cryptocurrency's growth rate is sustainable.

In the short term, Ethereum's price is likely to remain volatile, with the cryptocurrency's next major move likely to be determined by its ability to break above the 2100 resistance level. If the cryptocurrency fails to do so, it could be setting itself up for a significant correction.

In the longer term, Ethereum's growth prospects remain strong, with the cryptocurrency's decentralized applications and smart contracts continuing to gain traction. However, in the short term, the growing downside risk is likely to keep traders on their toes.