Ethereum is currently holding above $3,200, sitting atop a crucial CME support zone, with increasing trading volume and an RSI breakout indicating a possible rally towards $3,700.

Key Support Holds as Price Consolidates

Historically, ETH first dipped into the CME Gap region around $2,900, and since November 26, it has remained stable above $3,200, aligning with previous consolidation ranges noted in 2024 and early 2025.

Rekt Capital has identified that ETH has retained this support for approximately 2.5 weeks, trading within a narrowing range, supported at the bottom by the CME gap and capped by a declining trendline from recent highs.

"$ETH has been successfully finding support at its historical Weekly CME Gap over the past 2.5 weeks"
Translation: Ethereum has maintained its position above the CME gap for 2.5 weeks.

Merlijn The Trader has pointed out that the RSI for Ethereum has surpassed its long-term downtrend, suggesting that:

“RSI broke out. Momentum leads, price follows.”
Translation: A breakout in RSI often indicates a following price increase.

With continued momentum, a significant resistance level is anticipated at around $3,400.

Short-Term Targets and Market Structure

CryptoWZRD noted that both ETH and the ETHBTC pair closed daily candles bullishly, with ETHBTC trading above a trendline that has held for over 100 days. The next resistance level is near 0.040 BTC, with $3,700 being the next primary target for ETH.

“If it holds above the $3,200 resistance target, I am expecting another long opportunity.”
Translation: Holding above this level could present buying opportunities.

After the launch of Fusaka, Ethereum has fluctuated between $3,150 and $3,250, currently priced at $3,190, reflecting a 4% gain within 24 hours and a 6% increase over the past week, according to CoinGecko. Additionally, trading volume surged 5% in the last day, with $31.89 billion traded, signaling robust buying activity from large ETH holders.