Ethereum broke above the $3,140 bearish trend line on the hourly chart and surged past $3,300, reaching a high of $3,374 before entering a consolidation phase that has traders watching the $3,250 support zone for signs of the next directional move.
What Happened: ETH Breaks Trend Line
The second-largest cryptocurrency by market capitalization rallied above the $3,160 and $3,200 resistance levels after holding stable above $3,120. Data from exchanges shows the price broke through a major bearish trend line that had capped gains at $3,140.
ETH is now trading above its 100-hourly Simple Moving Average.
The 23.6% Fibonacci retracement level of the move from the $3,061 swing low to the $3,374 high sits near current prices.
Immediate resistance stands at $3,340, with $3,380 and $3,420 as the next key levels.
A clear break above $3,420 could open the path toward $3,500 and potentially $3,650.
On the downside, $3,300 serves as initial support.
A drop below $3,250 would bring $3,220 and the 50% Fibonacci retracement level into play, with $3,180 as deeper support.
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Why It Matters: Bulls Test Conviction
The hourly MACD is losing momentum in the bullish zone, while the RSI remains above 50.
These technical signals suggest the rally may be losing steam, though buyers still maintain control.
The $3,250 support zone represents a critical test for bulls hoping to extend the uptrend. Failure to hold this level could trigger a fresh correction toward $3,180.
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