Ethereum is showing a strong upward trend as it recovers from a key support level and approaches the resistance area of the 100-day MA.

- **Technical Analysis:**

- **Daily Chart:** Ethereum has seen strong buying activity around the average of the multi-month descending channel at around $2.4K. This has pushed the price up to the resistance area of $2.6K, corresponding to the 100-day MA. If this level is surpassed, ETH could reach the next target of the 200-day MA at $2.9K.

- **4-Hour Chart:** The current price of ETH is in the important resistance area of $2.6K-$2.8K. If surpassed, ETH could reach the $3K threshold.

- **On-Chain Analysis:**

- The ETH funding rate is showing a slight upward trend, indicating optimistic sentiment from futures traders. However, to maintain the upward momentum, the funding rate needs to be higher to confirm stronger buying interest.

Ethereum needs to overcome key resistance levels to challenge the $3K threshold and maintain the upward trend. 🚀