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Ethereum Faces Key Resistance at $3,113 as Price Holds Critical Levels
The Ethereum price is currently trading at around $3,020 and appears to be struggling to break past the crucial resistance level of $3,113. This point aligns with major moving averages and a breakout or drop could significantly shape its next trend.
In a recent tweet from Into The Cryptoverse (@ITC_Crypto), it was noted that Ethereum exhibits a resemblance to its 200-week SMA, making it an essential area for accumulation. As long as the price stays above the 100-week SMA, there is a possibility of building a longer-term bullish momentum that could see the asset rise to a maximum targeted upside level of $3,500.
However, should Ethereum fail to reclaim this critical resistance and make it a new support, a pullback toward the range of $2,600-$2,800 may occur.
Source: cryptonewsland.com
