Ethereum (ETH) has rallied above $3,200, showing a 2% increase over the last day and more than 8% in the past week, with trading volume surpassing $26 billion. This rise has brought the asset to its highest price point in over three weeks, with traders now eyeing critical resistance levels.

Support Holds, Momentum Builds

ETH/BTC has bounced off the 21-Day Moving Average and is trading close to 0.035 BTC. Michaël van de Poppe described the retest as clean and indicated it confirmed support.

“On that level, you want to see some support test to hold, and that happened.”
(Translation: “Bu seviyede, destek testi görmek istiyorsanız, bu oldu.”)

He noted that the ongoing ETF inflows are supporting the rising trend. The demand zone between 0.03 and 0.033 BTC has remained solid for several months. As long as ETH remains above that range and the 21-Day MA, the short-term structure stays stable.

Additionally, Van de Poppe pointed out upcoming resistance between 0.036 and 0.037 BTC, which has previously acted as a ceiling. A clear breakout here could pave the way for further gains, but some analysts believe a short-term pause may precede this.

StockTrader_Max indicated that ETH is still on a path toward $4,100, but a pullback could be imminent. “A move to the 0.618 FIB could be next at approximately $3,000,” they noted, suggesting that the 50-day MA rests at that level and may serve as a back-test before further advances.

Sentiment Split Around $3,250

Another analyst, Lennaert Snyder, marked $3,250 as a short-term resistance level.

“Since we’re trading at major resistance here, I’m looking at local market structure breaks,” he explained.
(Translation: “Burada büyük bir dirençte işlem yapıyorsak, yerel piyasa yapısı kırılmalarını inceliyorum.”)

Snyder observed that a successful reclaim of $3,250 on the 4-hour chart could activate long positions aimed at $3,450, while failure to hold could lead to a retreat to $2,950 to reset the trend.

A pattern noted on the 3-day chart suggests further upside; trader Tardigrade mentioned ETH has formed a double bottom formation. If validated, this pattern could set a target near $4,000.

“ETH has formed a Double Bottom 🔥
If this pattern plays out, it sets the target at $4,000,” stated Trader Tardigrade.
(Translation: “ETH, Çift Dip formasyonu oluşturdu 🔥
Eğer bu model gerçekleşirse, hedef 4,000 dolar olacak.”)

Meanwhile, institutional activity appears stable, with BitMine adding over $2 billion in ETH to staking recently. ETF flows remain consistent, with reported inflows of $168.13 million recorded on January 5.