- Ethereum is trading near key resistance around $3,120 with no confirmed breakout yet
- A move above $3,500 is seen as critical for reducing downside risk
- Analysts remain divided as traders wait for clearer confirmation of direction
Ethereum is hovering just below a major resistance zone near $3,120, and for now, it’s not showing much urgency to break free. Price action has stayed tight, almost compressed, suggesting the market is waiting rather than committing. While a short-term rally offered some lift, it hasn’t been enough to confirm a broader trend shift, and traders remain cautious.
Zooming out, ETH is still stuck inside a wide corrective range between roughly $2,700 and $3,500. The area around $3,100 has acted as a lower resistance ceiling, repeatedly tested after several days of sideways movement. Above that, the 100-day and 200-day moving averages near $3,500 continue to cap upside attempts, keeping bullish pressure contained.
Why $3,500 Remains the Line in the Sand
Analysts broadly agree that Ethereum needs a clean break above $3,500 to meaningfully reduce downside risk. Without that, rejection near current levels could push price back toward the middle of the range. The $2,700 zone remains an important support level if momentum fades again.
Some technical indicators have improved slightly, but not enough to confirm a full trend reversal. At the time of writing, Ethereum is trading around $3,110, down about 0.21% over the past 24 hours. Daily trading volume has dropped sharply by over 46%, now sitting near $12.82 billion, while ETH remains up roughly 6.3% over the last week, a mixed signal that reflects hesitation rather than strength.
Short-Term Levels Keep Traders on Edge
Analyst More Crypto Online pointed out that ETH needs to hold above $3,049 to maintain short-term upward momentum. He noted that the rejection near $3,143 aligned with expectations, describing the move as part of a three-wave pullback structure. A sustained move below $3,049, he warned, would likely open the door to a deeper retracement.
Such a scenario would place Ethereum in a neutral short-term position, often the most difficult environment for traders. Price action in these zones tends to be choppy, unpredictable, and lacking clear direction, making short-term calls harder to trust.
Analysts Eye Higher Targets, But Confirmation Is Missing
Another analyst, Jonathan Carter, highlighted a confirmed breakout from a falling channel on the 12-hour chart. According to him, ETH has moved above the upper boundary of that structure, a development that often precedes stronger upward pressure. Based on technical projections, Carter outlined upside targets at $3,410 and $3,770, with higher levels at $4,250 and $4,680 if momentum accelerates.
For now, Ethereum remains parked near resistance, and the market is clearly waiting for confirmation. Whether ETH can defend support and build enough momentum to challenge higher levels is still an open question. Until then, direction remains uncertain, and patience continues to dominate sentiment.
