Ethereum's price is approaching the $3,200 mark after experiencing a notable 10% increase over the past two days. Many are now wondering if this signals the beginning of a bullish trend in the market.

Currently, Ethereum is on track to surpass a long-standing resistance level, aiming for the $3,200 price point. The cryptocurrency is showing signs of breaking out of its descending channel on the daily chart, which suggests a decrease in selling pressure. This upward movement is supported by bullish signals evident in recent trading patterns.

Over the last week, Ethereum's value has risen to $3,140, reflecting a broader uptick across the cryptocurrency market, which saw a 9% increase in total market value during this period.

Key metrics like Ethereum's Chaikin Money Flow indicate a positive trend, with the indicator moving above the zero line, suggesting more buying than selling activity. Moreover, ETH's daily trading volume has surged by 40% in the past seven days, underscoring increased market interest.

Technical indicators such as the positive directional index and the Elder-Ray Index further bolster the bullish sentiment. These indicators highlight strong buying momentum and dominance by bullish forces in the market.

Looking ahead, Ethereum bulls are eyeing a breakthrough above the upper boundary of its descending channel, with a potential target above $3,200. However, a reversal could see the price retracing to around $2,775 if selling pressure intensifies.

In conclusion, Ethereum's recent price movements and technical indicators suggest a potential bullish trend, pending a successful breach of key resistance levels. Investors and traders are closely monitoring these developments for further market insights.