Ethereum's climb above the $3,000 mark has stirred both optimism and caution within the cryptocurrency community. While this milestone signifies a significant achievement for the second-largest cryptocurrency by market capitalization, the current market sentiment suggests potential challenges ahead. The immediate reaction to this breakthrough has seen Ether encountering resistance, prompting concerns about additional selling pressure if it fails to sustain its position above $3,000.

Presently, Ethereum is hovering around $3,005, with notable resistance levels looming at $3,200 and $3,400. A successful breach of these resistance points could signal a strengthening bullish sentiment. Conversely, a dip below the $3,000 mark may trigger support tests at $2,900 and $2,800, potentially exacerbating bearish sentiments.

Recent market trends reveal Ethereum's struggle to maintain its upward trajectory. Monitoring critical levels such as the 50-day EMA (Exponential Moving Average) at approximately $3,067 and the 200-day EMA near $2,800 is essential. A breakthrough above the 50-day EMA could instill confidence in bullish investors, whereas a drop below the 200-day EMA might intensify selling pressure.

Insights from on-chain data offer additional perspectives. The fluctuating number of active addresses on the Ethereum network underscores varying levels of user engagement, with current figures hovering around 450,000, slightly down from recent peaks. Transaction volumes have also exhibited variability, with daily transactions averaging around one million. Moreover, the net emission of ETH post-EIP-1559 has shown a slight negative trend, indicating a scenario where more ETH is being burned than created.

While Ethereum's recent surge past $3,000 marks a positive development, ongoing challenges persist. Key resistance and support levels at $3,200, $3,400, $2,900, and $2,800 will serve as crucial indicators of Ethereum's future price trajectory.