Yesterday, Ethereum continued its recovery that started on May 24, rising nearly 2.9% to $2,636 after hitting a low of $2,500 on May 23. The recent gain brought ETH close to the critical 200-day Simple Moving Average at $2,699, a long-term resistance level it has struggled to break since May 13. Traders are closely watching this barrier, as a sustained move above it could push ETH toward $3,000. However, there may be selling pressure around $2,800, where many investors could seek to exit at breakeven. In May, ETH rose above $1,900, helping most holders make a profit. The price is now above the true market mean, which currently lies at $2,400, and this is a positive sign. However, reaching $2,900 is still important for more confidence in the rally.
