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$ETH faces $3,000 resistance; reclaiming it could push prices toward $3,120 in the short term.
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Failure to hold $3,000 may trigger dips to $2,940–$2,750, creating shorting opportunities.
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Sideways weekend trading suggests caution; scalp-long trades near $2,950 support carry higher risk but potential gains.
Ethereum faces a critical moment as the price hovers around $3,000. According to analyst Lennaert Snyder, “$ETH is still pushing against key ~$3,000 resistance. We’re trading in weekend chop, and price is now trading within the ~$3,000 resistance level.”
The recent price action shows Ethereum struggling after a strong rally above $3,300. Buyers lost momentum, causing a steep drop that broke the $3,000 support zone. Consequently, sellers gained control, pushing the price toward $2,750–$2,800, where buyers re-entered the market.
Source: Lennaert Snyder
Since then, Ethereum has rebounded, approaching the $3,000 decision point again. Snyder noted, “When Ethereum reclaims ~$3,000, I’m longing the higher low towards ~$3,120. When we test higher and reject, I’ll wait on a clean failure to short with a TP at ~$2,940 and the lows as final target.”
Key Resistance and Support Zones
Now, the price of Ethereum is in a tug-of-war between buyers and sellers. The grey areas on the chart identify key supply and demand zones. The $3,000 level previously acted as a floor; however, this may now act as resistance.
Ethereum may fall toward $2,940 or return to lower support near $2,750 if buyers are unable to hold this area. However, a breakout toward $3,150 or higher can happen if buyers continue to be strong over $3,000. Additionally, the chart indicates sideways movement, which reflects the market’s hesitation.
Traders should keep an eye out for possible entry chances and short-term declines. “A scalp-long after reversals is legitimate if price manages to hold the local range at ~$2,950 support,” Snyder continued. greater risk, yet it is feasible. As a result, there are opportunities for both bulls and bears, but weekend trading requires prudence.
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