- Ethereum stays near $2,060 as it tests strong support and resistance.
- A move above $2,680 could push price toward $3,000 in the short term.
- If price drops below $2,480 then lower support near $1,850 may come next.
At price $2,060, Ethereum hovers around crucial weekly moving averages that dictate market sentiment. According to Into The Cryptoverse (@ITC_Crypto), Ethereum tests strong support and resistance levels, with multiple moving averages clustered around the current price zone. The 8-week SMA at $2,680 and the 20-week SMA at $3,070 indicate that Ethereum has room to rise if momentum shifts. Nevertheless, the longer-term averages such as the 100-week SMA at $2,590 and the 200-week SMA at $2,480 remain essential support levels to steer the asset’s course in the coming weeks.
The Key Technical Levels Navigated by Ethereum
Ethereum has been in a multi-year upward trend characterized by very aggressive price surges that mostly retrace to the support zones of moving averages. The 50-week SMA of $3,060 flies close to its own 20-week SMA, creating a key resistance range that Ethereum needs to break in order to continue its broader recovery.
Once price reclaims these levels, the next area resistance would most likely form around $3,500 mark, where rallies have failed in the past. Not all that, but below 200 weeks SMA at $2,480 the price may fall down, which will take Ethereum below lower long-term supports such as 300-week SMA-$1,850 and 400-week SMA-$1,480.
Moving Average Dynamics and Short-Term Outlook
The current position of Ethereum regarding 8-week and 20-week SMAs gives indication of short-term volatility building up. Price breakout above the level of $2,680 could trigger a buying frenzy that corresponds with typical breakout patterns.
Meanwhile, reference for a weak move may be gained upon breaking further down below the 100-week and 150-week SMAs; currently, the latter two stand at $2,590 and $2,250, respectively. These averages are thus going to be critical levels, in which the broader market trend and macroeconomic events are likely to determine the next dramatic movement.
Market Sentiment and What Comes Next
With Ethereum trading near the 200-week SMA, traders watch price closely for signs of whether it again reaches higher prices or trades lower again. In the past, the long-term moving averages have been critical zones for long-term accumulation, making this $2,480 to $2,680 range a vital battleground between bulls and bears. If the price catches support and builds momentum, it’s not a great stretch for Ethereum to re-take $3,000 and probably more, but with ongoing weakness, this could likely see it returning to lower SMA levels prior to any robust recovery.
