Ethereum Tops $2,950 as Bulls Face Crucial Test at $3,050

Ethereum has broken above $2,950 in what may be a crucial test of its momentum. The cryptocurrency had been recovering from recent lows, mirroring Bitcoin's price action.

The Ethereum price cleared resistance levels at $2,850 and $2,880, pushing beyond the 50% Fibonacci retracement level of its decline from $3,175 to $2,775. It also broke through a bearish trend line with resistance at $2,920 on the hourly chart of ETH/USD.

Ethereum now trades above $2,950 and the 100-hourly simple moving average, establishing support above previously contested levels. If it extends gains, it will encounter resistance near $3,020 and the 61.8% Fibonacci retracement level before reaching the pivotal $3,050 zone.

The $3,050 resistance represents a critical technical barrier that could define Ethereum's near-term trajectory. A break above this level may trigger further upside, potentially reaching $3,150, with further gains possible toward $3,220 or $3,250.