Ethereum Smashes Through $3,120 Barrier as Bulls Target $3,700 - The Next Leg Up?
Ethereum isn't just knocking on the door—it's kicking it down. The $3,120 resistance level just turned into a memory as the bulls take full control of the narrative.
The Setup: A Textbook Breakout
Forget sideways action. This move has momentum written all over it. The consolidation phase is over, replaced by a clean, decisive push that leaves bears scrambling for cover. Volume confirms the story—this isn't a fluke.
The Target: Eyes on the $3,700 Prize
The next major resistance sits squarely at $3,700. That's the line in the sand, the level that could define the next major trend. If this momentum holds, the path looks clear. Technicals align with the sheer market sentiment—a rare and powerful combination.
The Fuel: More Than Just Charts
It's not just lines on a graph driving this. Network activity remains robust, and the ecosystem continues to evolve while traditional finance still tries to figure out what an 'NFT' is. The fundamentals are quietly doing their job, even if the price action screams the loudest.
The Bottom Line
The breakout is real. The target is set. The only thing left is the climb. Of course, in crypto, a 'sure thing' is just a temporary consensus before the next narrative flip—but for now, the bulls have the floor. Let's see if they can hold it.
Ethereum Awaits Breakout Above the Critical $3,500 Resistance
Analysts said that a breakout of more than $3,500 WOULD be needed in order to lessen the risk to the downside. Any rejection below this point can drive the price down to the mid-range. The zone of $2,700 was also a potential support level. Technical indicators also improved, but they did not indicate the complete shift in the trend.
At the time of writing, ethereum is trading at $3,110. The price declined by 0.21% in the past 24 hours. The day trading volume dropped by 46.41% and is currently standing at $12.82 billion. Over the last week, the ETH coin price is up by 6.3%.
Analyst More crypto Online highlighted that ETH has to remain above $3,049 to continue gaining momentum in the short term on an upward trend. He said the rejection of the 100% extension at level $3,143 was predictable. The analyst referred to the structure as a three-wave pullback. Any decline below $3,049 would indicate a larger retracement.
He noted that such a step would put Ethereum in a neutral short-term position. This would lower transparency among traders. The price movement in this region tends to be choppy. It is also more challenging to make short-term predictions.
ETH Near Resistance as Market Awaits Clearer Direction
Crypto analyst Jonathan Carter mentioned that there was a confirmed breakout of a falling channel on the 12-hour chart. He indicated ETH was above the upper limit of the pattern. There was intense upward price pressure following completion of channels. He identified several upside targets as well.
His reported levels were $3,410 and $3,770. Higher targets sat at $4,250 and $4,680. According to Carter, these levels are technical projections. They also indicate possible reaction points to traders.
Ethereum remained close to its resistance zone. Analysts observed the ability of the asset to sustain the levels of support and gain momentum. The market participants were awaiting the confirmation for a clearer direction.
