Ethereum Price Holds Above $3,200 as Market Awaits Next Major Move

Ethereum is trading just above the $3,200 level after briefly dipping earlier, stabilizing again following a week-long consolidation phase. The cryptocurrency recently retested the $3,100 support zone, where it managed to rebound, but overall market momentum still appears weak. If bearish pressure increases, Ethereum may revisit the critical $3,000 support range, a level many analysts are closely watching. For now, ETH is moving within a tight band between $3,130 and $3,160.

In the last 24 hours, Ethereum has gained around 2%, though it remains down nearly 6% over the past week. Broader crypto markets—including Bitcoin, XRP, and Solana—are similarly struggling to regain upward momentum, with traders anticipating a potential recovery phase if sentiment improves.

Despite Ethereum’s climb back above $3,200, the market is approaching a pivotal moment. The $3,500 region acts as a major resistance level, and a strong breakout above this zone could propel the price toward the $3,800 mark. Analysts caution, however, that failure to reclaim this level may open the door for a deeper pullback below $3,000, potentially triggering a liquidity sweep before any meaningful rebound forms. While short-term indicators point to caution, long-term sentiment around ETH remains largely optimistic.

Adding to market pressure, Ethereum ETFs experienced a notable outflow of $177.9 million yesterday, coinciding with a significant $173.3 million liquidation from BlackRock. These moves reflect shifting institutional positions and indicate broader uncertainty across the crypto landscape.

Currently, Ethereum trades near $3,235, supported by a 2% intraday rise. Technical indicators show neutral momentum, with the MACD hovering near 12.37 but still displaying a bearish histogram below the zero line. The RSI at 46.40 signals a balanced market with no immediate overbought or oversold conditions. Trading volume remains steady, suggesting a cautious standoff between buyers and sellers. A decisive move above $3,400 could pave the way for renewed bullish momentum if market strength returns.