Ether is currently coming out of a bearish trend and could look to break past a key psychological level soon.
The cryptocurrency market has been performing well over the past 24 hours, adding nearly $100 billion to the total market cap.
Bitcoin, the leading cryptocurrency by market cap, is now trading above the $40k mark again thanks to the ongoing rally. With Bitcoin rallying, the other major cryptocurrencies are also trading in the green zone.
Ether, the second-largest cryptocurrency by market cap, is currently underperforming as it is up by less than 1% so far today. At press time, ETH is trading above $2,800 per coin.
However, if ETH can build momentum over the coming hours, it could look to surpass a crucial resistance level at $3,000. To do so, it would need the support of Bitcoin and the broader cryptocurrency market.
Key levels to watch
The ETH/USD 4-hour chart has turned bullish thanks to Ether adding 1% to its value in the last 24 hours. The technical indicators show that ETH could be ready to embark on a huge rally.
The MACD line is above the neutral zone, with Ether currently trading in the positive region. The 14-day RSI of 67 shows that ETH could soon enter the overbought region if the positive momentum is maintained.
Ether could look to break past the first major resistance level at $3,078 over the next few hours if the bulls remain in charge. In the event of an extended rally, ETH could trade above $3,200 for the first time in three weeks.
However, it would need the support of the broader cryptocurrency market to surpass the second major resistance level above $3,200 in the short term.
