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- Ethereum Price Expectations: Ethereum may find support at the 200-week Exponential Moving Average
Ethereum network experienced liquidations totaling $281.3 million over the past 24 hours, led by long position liquidations of $261 million, according to Coinglass data.
Ethereum's price is approaching the support level of $2,630 after rebounding from the resistance level of $3,060 near the 100-week Exponential Moving Average. The support level of $2,630 is reinforced by the 200-week Exponential Moving Average, which was defended by bulls in June and November of last year.
Weekly ETH/USDT Chart
A decline in Ethereum's price below $2,630 could push it toward $2,340. Conversely, if it rises, Ethereum must surpass all major weekly exponential moving averages to resume the bullish trend.
The Relative Strength Index (RSI) is below its neutral level, while the Stochastic (Stoch) indicator is in the oversold region. Continued oversold conditions in the Stochastic indicator may lead to a trend reversal.