Ethereum broke through the $2,820 mark yesterday, reinforcing bullish expectations following weeks of consolidation. This move has reignited traders' optimism, as they anticipate Ethereum will break through the current range and initiate a new round of increases. Despite ongoing global tensions, the market reacted positively to speculation that a China-U.S. trade agreement could be reached soon, providing a brief lift to all risk assets.

Ethereum's recent strength comes at a critical moment, with prices nearing the upper boundary of its current ascending channel. ETH needs to break through the current channel. Until then, price movements may still be confined within this structure, and unless a decisive breakout occurs, upside potential remains limited.

As Ethereum approaches resistance levels, all eyes are on volume and confirmation signals that could mark the beginning of a broader trend. For bulls, a breakout from the ascending channel could indicate that Ethereum will rally strongly to $3,000 or even higher. Until then, Ethereum remains at a critical turning point in its cycle. $ETH