Analyzing the Price of Ethereum: Testing the Key Resistance Level, Is a Jump to $3K Imminent?

Ethereum is currently undergoing a crucial resistance test near the 200-day moving average at $2.5K, leading to a consolidation phase. Despite a possible short-term correction due to high supply and overbought conditions, the market structure and momentum indicate a potential bullish breakout in the mid-term.

Ethereum's recent rally has been stalled at the $2.5K resistance zone, triggering a temporary consolidation phase. However, a decisive breakout above this level and the 200-day moving average could mark the beginning of a wider bullish reversal, potentially pushing the price towards the $3K mark.

Despite signs of a short-term corrective move, Ethereum's continued consolidation within the $2.1K–$2.5K range could provide the market with time to reset before another breakout attempt.