ETH Consolidation at $3,200 — Can Bears Break the $3,350 Resistance?

Ethereum has stabilized above $3,200 after retreating from the $3,450 peak, with strong buying interest defending the $3,150 support zone. The latest daily data shows ETH is trading at $3.24K with a solid +2.18% 24-hour gain, maintaining a constructive short-term structure as it attempts to build momentum toward the upper resistance cluster.

Technical Structure Remains Intact — For Now

After hitting $3,448 earlier, ETH experienced a pullback that tested the 50% Fibonacci retracement level around $3,250. The key moment came when buyers showed up to defend the lower end of the consolidation range. Ethereum has since reclaimed ground above the 100-hour Simple Moving Average and is currently trading within a $3,180–$3,320 zone.

On the hourly timeframe, a new bullish trend line has emerged with its anchor point near $3,180. This connecting line essentially represents the market’s near-term floor — if price dips below it, the consolidation structure begins to deteriorate. For traders looking at upside catalysts, the sequential resistance barriers are positioned at $3,290, then $3,320, with the major obstacle sitting squarely at $3,350.

The $3,350 Question: Ceiling or Launch Pad?

The critical junction for the rally scenario lies at the $3,350 band. A successful penetration through this zone would open the door to a retest of the $3,400 area, and if buying pressure sustains, ETH could press toward $3,450 and potentially extend toward $3,500.

However, if selling emerges at $3,350 and keeps the price capped, expect a pullback toward $3,200 first. A breakdown below this secondary support would shift focus down to $3,150, which marks the line where the entire rebound case weakens. Should ETH slip decisively under $3,150, the downside trajectory would target $3,040 before testing the psychologically important $3,000 level.

Momentum Signals Still Lean Bullish

The technical setup favors buyers at the moment. The hourly MACD is generating positive divergence with accelerating momentum in bullish territory, while the hourly RSI remains above the 50 threshold — a sign that intraday demand still outweighs supply pressure.

The 24-hour range of $3.14K to $3.27K demonstrates the market’s tight containment, with the +2.18% daily move suggesting that buyers are willing to absorb dips rather than capitulate. This defensive behavior is typical of accumulation phases.

The Verdict: Rally Case Still Under Construction

Ethereum’s recovery narrative is “working” — but it’s not confirmed. The market has successfully held support multiple times and generated higher lows, which are the building blocks of a bullish structure. However, until ETH can convincingly break through $3,350 and reclaim the $3,400–$3,450 zone, the upside remains tentative.

The next 24 hours will likely determine whether this is the beginning of a sustained move toward $3,500, or just a bounce within a larger consolidation range. Watch the 100-hour moving average and the $3,200 level — they remain the proxies for short-term health. If either gives way, the bears regain the narrative.