Ethereum Breaks Key Resistance Level, Eyes $2,900

Ethereum's price has experienced a significant increase in recent days, with a gain of over 3% in the past 24 hours. According to technical analysis, Ethereum has broken through a key resistance level at $2,385, marking a major milestone for the altcoin.

Renowned analyst Ali Martinez believes that Ethereum's price could continue to rise if it maintains its new support zone. He notes that the bearish TD Sequential signal has been nullified, and the altcoin is now primed to reach higher targets.

The market recovery is attributed to improved macroeconomic conditions following the US-Iran conflict, which has led to a drop in oil prices. This shift has driven significant inflows into global financial markets, including risk assets such as Ethereum.