Ethereum Surges Past $2,900, Eyes $3,000 Resistance

Ethereum (ETH) has experienced a significant upward movement, surpassing the $2,900 mark and aiming for a break above $3,000. This bullish trend started with a recovery wave above the $2,920 zone, pushing the price to trade above $2,950 and the 100-hourly Simple Moving Average.

Price Action Details

• Current Price: $2,965, with a 24-hour increase of 3.5%, a 7-day rise of 5.2%, and a 30-day gain of 8.7%.
• Key Support/Resistance Levels: Support at $2,930, with immediate resistance near $3,000. Further resistance levels are at $3,030, $3,050, and $3,120.
• Volume Comparison: Trading volume over the last 24 hours reached 25.4 million ETH, a 15% increase from the 30-day average volume of 22.1 million ETH.
• Market Cap Impact: Ethereum's market cap now stands at $355 billion, up 3.5% from the previous day.

Driving Factors

• The surge in Ethereum's price can be attributed to increased institutional interest, as seen in recent filings by major financial institutions like BlackRock and Fidelity for Ethereum-based ETFs.
• On-chain data from CoinGecko shows a 20% increase in active addresses over the past week, indicating growing network activity.
• Significant whale transactions have been observed, with a notable transfer of 10,000 ETH to a new wallet on December 27, 2025.
• News catalysts include the upcoming Ethereum Shanghai upgrade, which is expected to improve scalability and reduce transaction costs.

Broader Market Context

• Compared to Bitcoin, which saw a 2.1% increase over the same period, Ethereum's performance has been stronger.
• The DeFi sector has seen a total value locked (TVL) increase of 4.2% to $102 billion, as reported by DefiLlama.
• The Fear & Greed Index currently stands at 72, indicating a market sentiment of greed.
• Analyst perspectives from Crypto News highlight that Ethereum's bullish trend is likely to continue if it breaks the $3,000 resistance, with targets set at $3,200 and $3,220 in the near term.