Ethereum Stalls at Critical Technical Level on Path to $3,050

Ethereum is currently sitting at a critical technical level as it targets $3,050.

The cryptocurrency has surged by approximately 37% in about 10 days, with its price reaching around $2,419.42 as of press time.

While Ethereum has experienced some resistance after hitting $2,564, the $2,350 to $2,360 range is being closely watched as a potential support level for an upward scenario.

The price of oil breaking above $100 and the increase in bond yields are also exerting pressure on the market.