Starting early this morning, this Ethereum rally has indeed been impressive. After stabilizing at the key level of $3,050, it surged all the way up to around $3,210 before taking a breather, and is now testing back and forth around $3,185.

From a technical perspective, this breakout from the previous consolidation range looks solid, with trading volume keeping pace—so it’s not just a false pump. The short-term moving averages have formed a bullish alignment, and the price is consolidating right at the upper boundary of the ascending channel. The MACD is still rising after a bullish crossover above the zero line, indicating that the upward momentum hasn’t faded yet.

At this point, $3,050 has turned from a resistance level into a key support. If ETH can hold above $3,180, there’s a good chance it will challenge the $3,250 to $3,300 resistance zone next. Strategically, you can consider entering long positions on pullbacks to lower levels, with a close watch on whether the $3,150 level can hold as support.