Ethereum (ETH) has climbed above $3,200, gaining 2% in the last 24 hours and more than 8% over the past week. Trading volume stands above $26 billion.
As a result, the move puts the asset at its highest point in more than three weeks. Traders are now watching key levels as the price action approaches resistance.
Support Holds, Momentum Builds
ETH/BTC has bounced off the 21-Day Moving Average and is now trading near 0.035 BTC. Michaël van de Poppe described the retest as clean and said it confirmed support.
“On that level, you want to see some support test to hold, and that happened.”
He added that continued ETF inflows are supporting the trend. The chart also shows a demand zone between 0.03 and 0.033 BTC. This area has held several times since late 2025. As long as ETH trades above that range and stays above the 21-Day MA, short-term structure remains stable.
Moreover, Van de Poppe noted the next resistance between 0.036 and 0.037 BTC. That zone has acted as a ceiling in recent months. A clear break could open the way for further gains. While some expect that move, others suggest a short-term pause may come first.
StockTrader_Max said ETH is still on track for $4,100, but a pullback could come before that. “A move to the 0.618 FIB could be next at approximately $3,000,” they wrote, adding that the 50-day MA sits at that level. The analyst sees it as a possible back-test before a move higher.
Sentiment Split Around $3,250
Another analyst, Lennaert Snyder, marked $3,250 as a short-term barrier.
“Since we’re trading at major resistance here, I’m looking at local market structure breaks,” he said.
Snyder noted that a clean reclaim of $3,250 on the 4H chart could trigger long positions toward $3,450. If price fails, he expects a move to $2,950 to reset the trend.
A pattern on the 3-day chart may also support further upside. Trader Tardigrade said ETH has formed a double bottom. If confirmed, it sets a target near $4,000.
$ETH/3-day#Ethereum has formed a Double Bottom
If this pattern plays out, it sets the target at $4,000pic.twitter.com/eRsWz35HcH
— Trader Tardigrade (@TATrader_Alan) January 6, 2026
Meanwhile, institutional activity remains steady. BitMine has added over $2 billion in ETH to staking. ETF flows remain active, with $168.13 million recorded on January 5 (per SoSoValue data).
The post The ‘Double Bottom’ Signal: Why Analysts Say ETH Is Ready to Fly appeared first on CryptoPotato.
