Ethereum (ETH) Set for Lift-Off? RSI Break Hints at Surge Ahead

Ethereum (ETH) has bounced from a key support level, now trading above $3,000, up 4% in the past 24 hours. The move followed a recovery from the $2,600–$2,700 zone, an area that has seen strong buying interest in the past.

Volume has picked up during this move, with over $21.2 billion traded in the last day. Some analysts suggest a trend change may be developing, though confirmation is still needed.

RSI Breakout and Short-Term Setup

ETH has broken above its RSI downtrend for the first time since October. This jump comes alongside the price stabilizing above the $2,900 support level. Mister Crypto commented that “a bounce is very likely here,” pointing to improving momentum.

Notably, the Relative Strength Index, which measures price strength, had been declining for weeks. A break above this trendline suggests that downward pressure may be slowing.

Meanwhile, Lennaert Snyder marked $3,040 as a short-term resistance level. He called this a “make or break” zone and said that clearing it would open the way to $3,140 and $3,200. If ETH fails to hold, he sees the $2,950–$2,900 zone as possible support. The analyst also warned that losing this level could lead to a return to the $2,800 lows.

Snyder added, “If price gains $3,040, I’ll look to snipe a long,” but noted that if ETH is rejected again, he would consider short positions.

ETH/BTC Pair Nearing Breakout Pattern

The ETH/BTC chart shows a rebound from the 0.0300–0.0325 BTC zone. ETH is now trading at about 0.0332 BTC. Michaël van de Poppe said this setup could lead to a breakout. “This cycle is far from over,” he said, referring to ETH’s broader structure.

Source: Michaël van de Poppe/X

Don pointed to a falling wedge forming inside a long-term descending channel. The price has moved above the wedge, and a breakout from the larger channel could push ETH/BTC toward the 0.0695 area.

Large Wallet Activity and Exchange Supply Drop

As CryptoPotato reported, wallets holding between 10,000 and 100,000 ETH now control more than 21 million tokens. This is the highest level since Ethereum’s launch. Addresses with over 100,000 ETH have also increased holdings to around 4.3 million.

Meanwhile, tokens held on exchanges continue to drop. This may show that larger holders are moving coins off trading platforms, possibly for long-term storage. Additionally, Ali Martinez noted that $2,250, $1,550, and $1,080 are “strong zones to accumulate ETH ahead of the next rally.”

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