Ethereum sparked renewed optimism in the crypto market after briefly surpassing the $2,800 mark during overnight trading. Although sellers quickly stepped in to drag the price back below that level, the move hinted at the possibility of a more sustained rally. The Bit Journal closely follows this development, which could mark a significant turning point for the altcoin leader.
Bullish Momentum Building Above $2,750
ETH began gaining traction after bouncing strongly from the $2,500 support level. The breakout above both the $2,600 and $2,650 resistances signaled growing strength in the market. Bulls managed to drive prices above $2,750, forming a local high at $2,832 before a minor pullback occurred.
Notably, Ethereum is now trading above its 100-hour Simple Moving Average, currently positioned near $2,750. The emergence of a visible upward trendline around this level also reinforces short-term bullish sentiment.
Path to $3,000: What Must Happen Next
The first major obstacle for Ethereum now lies at approximately $2,820. Beyond that, $2,850 and $2,880 serve as critical resistance levels. A decisive break above $2,880 would likely trigger momentum toward the $2,920 zone.
If ETH can close above $2,920 with strong volume, the likelihood of a run toward $3,000—and possibly even $3,120—would increase substantially. Such a move would likely reinforce market confidence in Ethereum and attract further bullish interest.
Key Support Zones to Watch
However, a failure to overcome $2,850 could result in another short-term correction. Initial support is located at $2,750, which also coincides with the aforementioned trendline. The next crucial floor is found near $2,650, a level that previously acted as a strong pivot.
Should the price fall below $2,650, a deeper retracement toward $2,600 and potentially $2,550 becomes plausible. The ultimate downside protection in the near term appears to rest around $2,500, which has acted as a firm support zone multiple times this year.
Conclusion
Ethereum’s current technical setup reveals a market at a crossroads. If bullish momentum persists, a climb to $3,000 may be just around the corner. However, failure to break key resistances could lead to renewed selling pressure. Traders and investors are watching these levels closely, with The Bit Journal continuing to track Ethereum’s every move in this critical period.
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Sources:
TradingView Ethereum/USD Technical Chart
CoinDesk – Ethereum Pushes Past $2,800 Before Resistance Halts Rally
CoinTelegraph – Ethereum Bulls Aim for $3K as Momentum Builds
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