Ethereum (ETH) is exhibiting signs of renewed momentum, with technical indicators suggesting the cryptocurrency is edging closer to a new all-time high, potentially surpassing the $5,000 mark.
Based on data analyzed by CoinDesk Research’s technical models, ether experienced increased trading volume during an upward push but encountered resistance near the upper price band, resulting in a consolidation phase. The cryptocurrency traded within a tighter range, establishing key levels both above and below its current position.
Crypto analyst Michaël van de Poppe shared insights on social media platform X, emphasizing Ethereum’s status as the leading ecosystem for investment. According to van de Poppe, the strength of Ethereum’s developer base, product offerings, and network effects contribute to its appeal. He noted that ether’s current price movements are approaching the kind of strength witnessed prior to earlier record highs.
Examining the chart patterns, buyers drove the price upward but faced significant resistance in the $3,860 to $3,880 band. For ether to make a decisive move toward historic highs, a clear break and hold above the $3,880 level is crucial, followed by surpassing the recent session peak of $3,887.35. Achieving this would indicate a shift of market control back to buyers near the top of the recent range.
Recent trading activity saw ether’s price increase by approximately 1.5%, closing at around $3,822.60, supported by a volume increase of 19% compared to the previous week’s average. The intraday price fluctuated between $3,771.27 and $3,822.78, exhibiting a pattern of higher lows throughout the session.
Market momentum peaked at 2 p.m. UTC when volume surged to roughly 446,700 during the push through the $3,860 level, briefly reaching a high of $3,887.35. However, the final hour witnessed profit-taking, with the price dipping about 1.3% from $3,869 to $3,820 on volume approximately six times higher than the session average, signaling selling pressure near resistance.
Technical support currently resides in the $3,680 to $3,720 range, which absorbed initial weakness earlier in the session. Resistance remains focused within the $3,860 to $3,880 band, with $3,880 serving as a significant psychological barrier.
The near-term trading range is therefore encapsulated between $3,730 and $3,880, where demand tends to appear on dips and selling pressure intensifies near the upper boundary.
Overall volume enhancements indicate meaningful market participation, although the presence of a lower high toward the close suggests caution, as sellers continue to defend the upper range.
Looking ahead, a sustained price recovery above $3,880 would reopen the pathway toward retesting session highs and potentially higher levels. Conversely, falling below $3,720 could expose the $3,680 support zone as the next target for downside buyers.
Industry observers await a clear breakout beyond the current range to gauge whether bullish momentum can establish a more decisive upward trend. Until then, traders are likely to remain attentive to these key levels as Ethereum balances between supply and demand forces.
