Ethereum continues to show resilience as it holds above the significant threshold of $3,200, demonstrating strength at a crucial support level identified on the CME. The cryptocurrency has remained stable above this benchmark for over two weeks, suggesting a solid base as market participants analyze potential price movements.
The CME Gap, which previously served as a resistance zone, has attracted buyers and is currently a focal point for traders. Following an initial dip into this area around $2,900 on November 26, ETH has consistently traded above $3,200 since December 3. This stability aligns with historical consolidation ranges observed in early 2024 and 2025.
Analyst Rekt Capital noted that Ethereum has effectively maintained its footing within this support area for 2.5 weeks. The cryptocurrency is currently moving within a tightening range, with support established at the CME gap and resistance capped by a descending trendline from recent peaks.
Adding to the bullish sentiment, Merlijn The Trader pointed out a breakout in Ethereum”s relative strength index (RSI), indicating a potential shift in momentum. “RSI broke out. Momentum leads, price follows,” he remarked. Should this momentum persist, the next significant target on the chart appears to be around $3,400, correlating with previous reaction zones.
Additionally, Ethereum has reclaimed its 50-week simple moving average, bouncing back from the $2,800 area. Analyst Crypto Rover emphasized that ETH is now trading above this moving average, a key indicator many traders use to gauge medium-term price trends.
In terms of short-term strategies, CryptoWZRD highlighted that both ETH and ETHBTC closed their daily candles in a bullish position. The ETHBTC pair is trading above a lower high trendline that has been intact for over 100 days, with the next resistance level approaching 0.040 BTC. If momentum remains strong, $3,700 is identified as the next upward target for ETH.
CryptoWZRD is closely monitoring the $3,200 level, considering it a critical threshold. “If it holds above the $3,200 resistance target, I am expecting another long opportunity,” they stated. Conversely, a rejection could lead to sideways price action, with key resistance established at $3,550 and main support at $2,800.
Following the launch of Fusaka, Ethereum traded within a range of $3,150 to $3,250 through Wednesday night into Thursday. At the time of this report, ETH is priced at $3,190, reflecting a 4% increase over the past 24 hours and a 6% gain for the week, according to CoinGecko data.
Trading volume has also seen a boost, rising by 5% in the last day with $31.89 billion traded. Santiment reported robust buying activity from addresses holding between 1,000 and 10,000 ETH, further solidifying the bullish outlook for Ethereum.
