$ETH price breaks out due to strengthening network activity and an increasing TVL, as the technical setup points to a further upside.
Key Points:
Ether has broken its months-long downtrend, with traders eyeing a $3,000 #ETH price target.
#Ethereum’s TVL has skyrocketed by 41% to $52.8 billion in just 30 days, while daily transactions jumped 22% to 1.34 million, indicating a robust network rebound.
Technical indicators suggest #ETH price will encounter significant resistance between $2,100 and $2,800.
$ETH is gearing up for a rally toward the $3,000 psychological mark, supported by rising network activity, growing TVL, and solid technicals.
Ether Aims for $3,000 Comeback
Ether
$ETH
$2,000
is working to end the downtrend that’s been in place since mid-December, when it pulled back from its 10-month peak of $4,100.
Crypto technical analyst Mikybull Crypto posted a chart highlighting ETH price breaking through a six-month descending trendline, with $2,000 and $2,250 as critical resistance levels to monitor. They noted:
“#Ethereum is breaking out.”
Ether’s price crossed above the downtrend line at $1,600 on April 22, driven by a broader market recovery as macroeconomic pressures eased.
Related: Pectra features already live: Ethereum EIP-7702 wallets now rolling out
The 50-day simple moving average (SMA) at $1,775 is currently providing immediate support for Ether’s price.
The relative strength index has surged, climbing from 56 to 66 in the past 24 hours, signaling that bullish momentum is gaining strength.
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Key levels to watch on the upside are the 100-day SMA at $2,100 and the supplier congestion zone between $2,500 and $2,800, where the 200-day SMA lies. Overcoming these barriers will likely push ETH prices higher, with $3,000 representing the short-term target for the bulls.
Crypto analyst Crypto Claws said the ETH/USD pair was “primed for a bullish reversal,” setting the upside target between $2,500 and $3,500.