Ethereum's price has initiated a considerable increase, surpassing the $2,720 resistance level, and is now eyeing the significant $3,000 mark. With a 10% rise, the price remains above $2,750 and the 100-hourly Simple Moving Average.
Further upward movement is sustained by a bullish trend line showing support at $2,820 on the ETH/USD hourly chart. The price's resistance levels include $2,950 and the critical $3,000 mark, with potential gains leading to $3,120 and $3,250.
Should Ethereum falter around $2,950, it may retrace downwards, finding initial support near $2,850 and $2,820, with possible declines towards $2,720 and $2,650.
Technical indicators such as the hourly MACD and RSI highlight bullish momentum above critical support and resistance levels.
