Ethereum Breaks Above Key Resistance Level as Price Hits Highest Since January

Ethereum's price has reached its highest level since January, extending the rally from Friday. The cryptocurrency traded at $2,646 on Bitstamp, up 1.3% on the day and about 8% above Thursday's close.

The move takes ETH above $2,616, a level that had capped every rally attempt since late August. This breakout is significant, as it could lead to further price increases.

Three factors contribute to Ethereum's rise: spot Ether ETFs saw inflows of $143.7 million on Friday, following three days of outflows; the average transaction fee has decreased to $0.095, attributed to the Fusaka upgrade and increased use of Layer-2 networks; and the macro backdrop remains supportive.

The next resistance level is $2,757, about 4% above the current price. If Ethereum's price breaks through this barrier, it could lead to further gains, potentially reaching $3,371 to $3,499 or even higher targets.