Ethereum could return to $3,500 in the near future.

Ethereum is trading back above $3,000, and if the bulls maintain control, it might rocket even higher.

Over the last 24 hours, the cryptocurrency market has done exceptionally well. The whole crypto market capitalization has increased by more than $200 billion since the beginning of the week, and is now about $1.9 trillion.

Following its current run, Bitcoin appears to be surpassing the USD 45,000 resistance mark. Ether, the second most valuable cryptocurrency by market capitalization, isn't far behind. Over the last 24 hours, the value of ETH has increased by more than 6%, allowing it to breach the psychological $3,000 level.

ETH is now selling at roughly $3,110 per coin at the time of writing. Other than the larger cryptocurrency market recovering from its previous plunge, there is no major driver for this new increase.

ETH is now selling at roughly $3,110 per coin at the time of writing. Other than the larger cryptocurrency market recovering from its previous plunge, there is no major driver for this new increase.

ETH might surge above the next key resistance level at USD 3,500 in the coming hours or days if the bulls maintain control.

At a glance, the most important levels

Because of Ethereum's surge over the last 24 hours, the 4-hour chart of ETH/USD is currently quite positive. According to technical indicators, ETH is on the mend and could rocket higher in the coming hours.