Ethereum’s price has bounced back spectacularly, gaining 3.5 percent to reclaim the crucial $2000 resistance level. Market analysts express optimism that this upward trend could indicate the beginning of a multi-week rally for ETH. Several on-chain indicators also reinforce this bullish outlook, revealing a significant drop in ETH supply on exchanges. This decrease suggests that investors are holding more of their ETH rather than selling it, which may help propel its price further upward. Given the current market dynamics and the continuous development within the Ethereum ecosystem, many investors remain hopeful of exceeding the $3000 target in the near future. This price action has created excitement among traders as they contemplate potential profits based on technical analysis and market sentiment.