Ethereum (ETH) Price Analysis

Ethereum (ETH) has encountered stubborn resistance at the $3,100 level, which has prevented bulls from pushing ETH higher.

ETH faced considerable volatility at the beginning of this week as both bulls and bears tried to take control of the market. Sellers pushed ETH to a low of $2,827, but Ethereum’s support levels were able to withstand the selling pressure.

On the other hand, buyers pushed ETH to a daily high of $3,096 as they tried to push the price above $3,100 and the 200-day moving average.

However, both levels held steady, and ETH eventually closed at $3,020, up 3.02%. On Tuesday, buyers remained in control, with ETH rising 1.57% to $3,067 before pushing higher to $3,103 on Wednesday.

On Thursday, the market saw significant volatility again as buyers and sellers fought for control. Buyers attempted to push ETH towards the 20-day EMA, which is when ETH rose to $3,125.

However, sellers pushed ETH back below the 200-day EMA, and ETH fell slightly to $3,101. In the current trading session, sellers are in the driver’s seat, with ETH trading just below $3,100.

While ETH has been holding above $3,000, it has been unable to break above $3,100.

If it is able to break above the resistance, we might see it move towards the next key resistance at $3,300.

However, if the bears are able to push ETH below $3,000 again, we might see the $2,800 support level tested again.

One analyst noted that ETH could see a stunning rally in this market cycle, with the price potentially reaching $8,000.

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