Ethereum is currently facing a critical test near the 200-day moving average, hovering around the $2500 mark. This pressure point has prompted a consolidation phase, making traders keenly aware of possible future movements.

While there exists the potential for a short-term correction due to market supply and overbought conditions, the prevailing market structure and momentum display signs of an impending bullish breakout in the medium term.

Investors should remain vigilant as Ethereum navigates this pivotal zone. If the price manages to secure above this resistance, hitting $3000 could become a realistic target.