Ethereum sellers have struggled to push the asset below the crucial $3K support for months, while recent price action suggests a bullish rebound. However, ETH remains confined between the 100-day MA at $3.3K and the 200-day MA at $3K. A decisive breakout from this range will determine the cryptocurrency’s next major move. Technical Analysis By Shayan The Daily Chart Ethereum’s price action has been in a consolidation phase following a period of selling pressure, with sellers attempting to conquer the $3K support level. The asset is currently trapped between the 100-day MA at $3.3K and the 200-day MA at $3K. Recently, ETH encountered strong buying pressure near the $3K support zone, leading to a significant rebound. This reaction suggests a strong presence of buyers defending this level. However, for a successful breakout above the $3.5K mark, Ethereum requires increased buying activity and bullish momentum. The upcoming price action within this range will be crucial in defining Ethereum’s mid-term trajectory, with both bulls and bears poised for a potential breakout. The 4-Hour Chart On the 4-hour timeframe, Ethereum is consolidating within a descending wedge pattern. The price recently bounced from the wedge’s lower boundary at $3K, aligning with the 0.618 Fibonacci retracement level —reinforcing this area as a strong support zone. Currently, Ethereum is trading within the tight $3K-$3.3K range, approaching the narrowing end of the wedge pattern. A breakout from this zone is imminent, and the direction will be crucial in determining the market’s next major trend. Given the market conditions, a bullish breakout above this pattern could trigger a rally toward the $4K threshold in the mid-term. Onchain Analysis By Shayan While ETH has shown early signs of recovery, market participants are closely monitoring the likelihood of a breakout above the current price range. The key question remains whether the cryptocurrency can generate enough momentum to breach the critical $3.5K resistance level. The funding rates metric, a crucial indicator of market sentiment, has recently declined, suggesting that the market is no longer overheated. This cooling-off phase indicates that excessive leverage has been reduced, creating room for a potential sustained rally if demand in the spot market increases. Notably, funding rates have started to rise slightly alongside Ethereum’s price rebound. This subtle shift hints at growing bullish momentum in the perpetual futures market. However, for a decisive breakout above the $3.5K threshold, the funding rates metric must increase further, signaling heightened optimism and an influx of long positions. If demand continues to grow, ETH could be poised for a significant rally in the coming days. The post Ethereum Price Analysis: ETH Gears Up for a Big Move, Will it Break Past $3.5K? appeared first on CryptoPotato .
