Usman Salis
⬤ Ethereum's been making moves toward a crucial resistance zone near $3,200 this week, getting traders excited as it tries to push past one of its biggest short-term barriers. Right now ETH's trading around $3,197 after bouncing back from a rough November that saw mostly downward pressure. If it can break through cleanly, the next stop looks like $3,360 based on the chart patterns.
⬤ What's interesting here is how the 20, 50, and 100-day moving averages are all bunching up around where the price is trading now. ETH bounced nicely off that first support at $3,000 and is staying well above the main safety net at $2,800. The downtrend line that's been in control since November is finally being challenged by this recent climb, which could signal things are starting to turn around.
⬤ The RSI's hanging around the mid-50s, which basically means things are pretty balanced right now with buying pressure slowly building back up. There's still plenty of resistance overhead though. Beyond $3,360, you've got another wall between $3,600 and $3,750 where the price consolidated earlier this year. Getting above $3,360 would be the real confirmation that this bounce has legs.
⬤ Why does this matter? When major assets like Ethereum start breaking through established resistance levels, it tends to shift the mood across the entire market. This $3,200 to $3,360 range is where we'll find out if this recovery is the real deal or just another false start. How the price reacts around these levels will tell us whether ETH can actually sustain an upward move or if it's going to stay stuck in this consolidation pattern for a while longer.
Usman Salis
