Ethereum Eyes $3,400 as Price Tests 100-Week SMA

Ethereum's price has been on a steady rise after breaking above the key $2,464 market structure level. The crypto has now tested the $2,800 resistance zone and is expected to continue its upward momentum if it closes above the 100-week Simple Moving Average (SMA).

A weekly close above the 100-week SMA could pave the way for Ethereum's price to reach the $3,400 resistance area. However, if the crypto fails to hold above this average, it may retest the $2,550 support zone.

The recent breakout above the $2,464 level has changed the market structure, making it a crucial level to watch out for in case of a pullback. The next major resistance area sits between $2,900 and $3,055, which is also considered a bearish order block and liquidity zone.

Ethereum's price has gained about 13.9% over the past seven days, with trading activity picking up around the latest move. However, investors should note that the crypto market can be unpredictable, and prices may fluctuate rapidly.