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Ethereum Faces Key Resistance at $3,113 as Price Holds Critical Levels

Author: Content Editor
The price of Ethereum is currently locked at around $3,020, close to important weekly moving averages. The convergence of the 8-week, 50-week, and 100-week simple moving averages (SMA) near the $3,113 mark creates a strong resistance zone. Whether Ethereum breaks up or down from this zone will have a significant impact on future price moves. The 200-week SMA at $2,595 and the 400-week SMA at $1,470 provide long-term support for Ethereum. If the price weakens, additional support levels are seen at $1,838 and $1,600. Holding above the 100-week SMA could lead to a longer-term bullish momentum with a target upside level of $3,500. However, failing to hold above $3,113 may increase selling pressure. The overall market movement, driven by Bitcoin's stability, will also impact Ethereum's short-term trajectory. Liquidity tightening in the market may result in a retracement towards lower moving averages. The resistance point at $3,113 remains crucial for Ethereum, with a breakout potentially leading to a rally to $3,500. On the other hand, a failure to hold above $3,113 may lead to a downside towards the 200-week SMA at $2,595. Traders see Ethereum's weekly moving averages as strong guidelines for future price trends.

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