Is Ether heading for $3,500 after surpassing the $3,100 resistance point?

The cryptocurrency market continues its fine start to the week, with the major cryptocurrencies currently in the green.

The broader crypto market continues its excellent start to the week, adding nearly 2% to its total market cap. At press time, the total cryptocurrency market cap stands above $1.9 trillion.

It could soon cross the $2 trillion mark if the current market momentum is maintained. Bitcoin remains the leading cryptocurrency by market cap and currently trades above $41k per coin.

Ether, the second-largest cryptocurrency by market cap, has also performed well in the last 24 hours. ETH is currently trading above $3,100 per coin, up by more than 2% so far today.

In the last seven days, ETH has added nearly 3% to its value, making it one of the poor performers amongst the top 10 cryptocurrencies by market cap.

However, with the bullish trend currently in play, Ether could record further gains over the coming hours and days. The cryptocurrency could target the $3,500 resistance level in the short term.

Key levels to watch

The ETH/USD 4-hour chart is currently neutral as Ether’s ongoing positive performance cancels the losses recorded a few days ago. The technical indicators show that Ether’s price action is currently improving.

The MACD line is around the neutral zone, indicating that Ether is no longer in the bearish region. The 14-day RSI of 58 shows that ETH could enter the overbought territory if the existing market momentum persists.

At press time, ETH is trading at $3,100 per coin. If the bulls remain in control, it could surpass the first major resistance level at $3,227 before the end of the day. However, the second major resistance level at $3,350 should cap further upward movement in the short term.