During recent market activity, Ethereum has shown strong recovery momentum, pushing its price above $3100. This upward movement from a support level of $2820 indicates bullish control in the cryptocurrency market. Ethereum is currently trading above the 100-hour Simple Moving Average, reflecting a positive market environment for investors.

Analysis of Positive Trends and Obstacles

Examining the four-hour chart, there is a noticeable upward trend line at the $3110 level, suggesting a potential for further upward movement for Ethereum. However, the journey ahead presents various resistance levels that could challenge its progress. A significant immediate resistance is detected near $3165, which acts as a crucial barrier for the price to continue rising.

Potential Impact of Resistance Levels

If the bullish trend continues and Ethereum successfully overcomes the $3165 resistance, the next price targets could be around $3200 and subsequently $3250. Achieving these milestones could open doors for even higher valuations in the future.

Evaluation of Market Indicators

Technical indicators offer a mixed outlook. The four-hour MACD for ETH/USD indicates a possible loss of bullish momentum, while the four-hour RSI remains above 50, hinting at further potential for upward movement despite existing uncertainties.

Practical Takeaways for Users

• Investors need to closely monitor the $3165 resistance level as surpassing it could signal more room for price gains.
• Sustained trading above the 100-hour SMA is seen as beneficial for bulls, potentially boosting investor confidence.
• A significant drop below key support levels like $2940 could indicate a shift towards a bearish market scenario.

The future direction of the market largely depends on breaking past the $3165 resistance or falling below the $2940 support levels. These critical price points will shape Ethereum's short-term trajectory in the volatile cryptocurrency market. Market participants are closely observing these developments to anticipate upcoming trends for Ethereum.