Ethereum Holds Above Short-Term Support, Presses Against Key $3,000 Resistance

Ethereum continues to demonstrate resilience after holding above a short-term trend support, with price action now testing a major resistance cluster just below $3,000. The market structure remains constructive, but confirmation in the form of a daily close above $3,000 is required to unlock meaningful upside and trigger algorithmic buying.

On the technical front, ETH closed above its 7-day simple moving average at $2,968, indicating that buyers are defending recent gains and that the short-term trend remains intact. This moving average has acted as near-term support and helped stabilize prices following the latest pullback. Maintaining this level supports the case for another attempt at higher resistance levels.

$2,980–$3,000 is the key hurdle to watch. This zone has both technical and psychological importance: it aligns with the 38.2% Fibonacci retracement and the $3,000 round number. A convincing daily close above $3,000 would represent a clear technical breakout, potentially forcing the liquidation of roughly $58 million in short positions and accelerating upward momentum through algorithmic flows and added market confidence.

Momentum indicators show room for further gains. The 14-day Relative Strength Index (RSI) currently sits around 41.9, which points to neutral momentum and suggests that ETH has space to climb before becoming overbought, provided buying pressure continues. While momentum is not yet decisive, it remains supportive of a breakout attempt rather than signaling exhaustion.

On the downside, failure to breach the $3,000 area could prompt a pullback toward the next notable support near $2,850. If that level is tested, it will likely attract renewed buying interest; however, a sustained move below $2,850 would weaken the bullish setup and shift the outlook back to consolidation.

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Outlook: Traders should watch for a daily close above $3,000 to confirm a breakout. If that occurs, upside momentum could accelerate quickly. Conversely, failure to clear $3,000 increases the likelihood of a retest of $2,850 and a period of consolidation.

Disclaimer: This article is for informational purposes only and is not legal, tax, investment, financial, or other advice.