Ethereum Surges Past $3K, Eyes $3,150 Resistance

Ethereum has initiated a significant recovery wave, surging over 5% to decisively break above the crucial $3,000 psychological level. The rally follows a successful defense of the $2,850 support zone, with ETH demonstrating strength by climbing above both the $2,880 and $2,950 resistance levels. This upward movement mirrors similar recovery patterns seen in Bitcoin, suggesting broader cryptocurrency market strength. The current trading position above $3,000 and the 100-hourly Simple Moving Average indicates sustained buying pressure and growing investor confidence in Ethereum’s near-term prospects.

The technical picture has strengthened considerably, with ETH surpassing the 76.4% Fibonacci retracement level of the downward move from the $3,165 swing high to the $2,620 low. This Fibonacci achievement is particularly significant as it indicates the recovery has reclaimed most of the ground lost during the previous decline. The price action shows ETH was able to climb above the 61.8% Fib retracement level earlier in the recovery, establishing a pattern of consistent upward momentum. Data from Kraken charts confirms this bullish structure, with the cryptocurrency maintaining its position above these critical technical levels.

The technical setup for Ethereum reveals several bullish indicators that could support continued upward movement. A key bullish trend line is forming with solid support established at the $2,880 level on hourly charts, providing a foundation for potential further gains. This trend line has proven reliable during the recovery phase, offering multiple touchpoints that have held as support. The MACD indicator is gaining momentum in bullish territory, while the RSI remains above the 50 level, both signaling strengthening buying pressure and positive momentum.

Critical resistance levels now come into focus, with immediate resistance near the $3,120 level followed by more significant barriers at $3,150 and $3,165. A clear move above the $3,165 resistance could propel ETH toward the $3,220 resistance zone, with potential for further gains toward $3,320 or even $3,350 in the near term. The technical analysis suggests that if Ethereum can maintain its current momentum and successfully breach these resistance levels, the cryptocurrency could establish a new higher trading range, potentially attracting additional institutional and retail interest.

While the current technical picture appears bullish, traders should remain aware of potential downside risks. If Ethereum fails to clear the $3,150 resistance level, it could trigger a fresh decline. Initial support on any pullback sits near the $2,980 level, with more substantial support at the $2,920 zone. A clear move below the $2,920 support might push the price toward the $2,840 support level, with further losses potentially testing the $2,800 region. The next key support levels sit at $2,750 and $2,740, which would represent a significant retracement of the recent gains.

The major support level at $2,980 and resistance at $3,150 create the immediate trading range that will likely determine Ethereum’s short-term direction. The bullish trend line at $2,880 remains a critical level to watch, as a break below this support could signal weakening momentum. Traders should monitor these key levels closely, as the interaction between support and resistance will provide important clues about whether the current recovery wave has staying power or if a consolidation phase is more likely.