Ethereum Faces Crucial Resistance Test Above $2,950

Ethereum's price surged past $2,950 as buyers attempted to sustain momentum following its recent recovery from lows. The digital asset mirrored Bitcoin's recent price action, breaking through resistance levels at $2,850 and $2,880 before clearing a bearish trend line with resistance at $2,920 on the hourly chart of ETH/USD.

The cryptocurrency now trades above $2,950 and the 100-hourly simple moving average, establishing support above previously contested levels. However, Ethereum faces a critical resistance zone near $3,050 that could determine whether the rally extends or stalls.

Analysts warn that failure to breach this level may trigger a pullback toward support at $2,950, with further downside risk extending to $2,915 or $2,880. A breakdown below $2,915 could accelerate losses toward $2,840 or the key $2,800 support level.