Ethereum price analysis reveals a remarkable 24-hour gain of 4.5%, bringing the token to a $2800 resistance level amid market recovery. The renewed buying pressure is largely driven by Federal Reserve Chair Jerome Powell’s optimism toward cooling inflation and potential interest rate cuts in the near future.
The surge was influenced by Bitcoin’s significant rise to $65000 on Friday, pushing ETH to challenge key resistance levels. However, questions emerge whether Ethereum can break through the $3000 level, especially as the Ethereum Foundation dumps 35k ETH.
The market's reaction to these developments will be closely watched to gauge the sustainability of this upward trend.
