Ethereum Breaks Resistance Barrier on Strong Volume

Ethereum's price has been showing renewed signs of strength as buyers continue to propel ETH higher towards an important resistance zone.

The cryptocurrency is currently trading at $2,417.58, up 1.54% over the last 24 hours, with approximately $53.85 billion in daily trading volume and a market capitalization of around $292.71 billion.

Ethereum's price is attempting to break through a significant resistance zone in the higher time frame, as observed by crypto analyst Crypto Patel on August 22. A successful breakout followed by trading above this resistance would pave the way towards the $3,000 mark.

The technical analysis shows positive signs of an increase in buying pressure, with Ethereum trading above the upper Bollinger Band and a MACD line that is significantly higher than its signal line.