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Will Ethereum Hit $3,000 This Week? Watch These Key Levels
- Ethereum price is at a critical stage, with signs of renewed momentum as it hovers near $2,591.
- Traders are closely monitoring Ethereum's price action as it tests key resistance around the 200-day SMA at $2,632.
- The daily chart shows a bullish reversal with the strengthening of green Heikin Ashi candles.
- The 20 SMA crossing above the 50 SMA indicates a potential medium-term bullish trend.
- On the hourly chart, Ethereum broke above multiple SMAs and is supported by a tight range of $2,550-$2,580.
- Key resistance levels for Ethereum are at $2,780, $2,910, and $3,080.
- A Fibonacci extension suggests a target level near $3,850 if the uptrend continues.
- Maintaining daily closes above $2,620 is vital for Ethereum to aim for $3,000 and potentially $3,140.
- In case Ethereum drops below $2,550, it may retest $2,400, affecting short-term sentiment.
- Short-term prediction sees Ethereum retesting $2,780 if $2,620 support holds.
- Medium-term outlook targets $3,000 as a major level, with an extension possibility to $3,140-$3,850.
- Strong breakout signals on hourly and daily timeframes hint at a potential rally towards $3,000.
- Confirmation of bullish continuation requires daily closes above $2,620 and close monitoring of volume.
- The risk-reward setup for swing traders looks promising if Ethereum sustains above $2,550.
- The article speculates on Ethereum's potential to hit $3,000 and warns about the importance of key support levels.
- Following technical indicators and price levels is crucial for determining Ethereum's trajectory this week.
- Overall, Ethereum's price movement remains uncertain but with bullish undertones.
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