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ETH Ethereum Price Analysis: Can the breakthrough open the door to US$3000?
Ethereum broke through strongly from a consolidation range that lasted for several weeks, and the price has now rebounded to about US$2400, regaining the downtrend line that previously limited the overall rebound. The rally was supported by a significant acceleration in momentum and a significant increase in short positions, but the sharp rise in the RSI indicator also suggested that the rally may face a correction risk in the short term.
Ethereum Price Analysis: Daily Chart
On the daily chart, Ethereum has decisively broken through the downward trend line that has lasted for several months. The breakthrough was particularly critical because prices had been consolidating below this resistance for months and formed a higher low structure since a low near $1500 in June.
The latest round of gains directly pushed Ethereum to $2100 resistance, and prices are currently testing the $2400 supply area. The region is a direct test of the effectiveness of the breakthrough. If the daily line closes stably in this area, it will strengthen the bullish structure and may open up space for subsequent shocks to $3000 or higher.
On the downside, the previous breakthrough area of approximately US$2100 has now become the first major support level. If prices can maintain this position, they will maintain their recent breakthrough structure. The $1800 area below is another important support level, while the $1500 area is a deeper structural bottom.
The momentum has also clearly shifted to the buyer. The daily RSI has soared above 75, entering the overbought range. This does not necessarily mean that breakthroughs are ineffective-especially during periods of strong trend expansion-but it does increase the probability that prices will consolidate or step back before the next round of sustained gains.
ETH/USDT 4-hour chart
The 4-hour chart more clearly shows the breakthrough process. Ethereum has been in a sideways position for most of the past few months before suddenly breaking through the short-term moderate uptrend channel and the $2100 resistance zone.
Prices rose almost vertically to US$2400 after the breakthrough, showing strong short-term momentum. Therefore, if there is a correction in the rebound, the $2100 area will be a key observation point. If the region can successfully step back on confirmation support, it will provide a healthier confirmation signal for a breakthrough.
As the daily chart shows, the next major resistance is around $2400, where Ethereum is currently trading. If we can decisively break through the region, the rally may extend to higher levels in the coming weeks. At the same time, the 4-hour RSI has soared above 80 and is moving sideways across the region.
This reading highlights that short-term trends have been overextended. Therefore, a correction to $2100 does not necessarily mean a bearish one, but may be a necessary process for the market to cool down-provided that Ethereum can hold the breakthrough zone.
Sentiment Analysis
The liquidation chart shows that with the recent price increase, Ethereum short positions have increased significantly. After a period of relative calm, short positions climbed sharply to about 28,000 in the latest round of gains.
This suggests that a price breakthrough of $2000 has forced more and more short positions to close, adding additional buying pressure to the rebound. In other words, this breakthrough seems to have a short squeeze.
However, the current liquidation peak is still lower than several previous larger liquidation events in the chart (including levels exceeding 40,000 and 50,000), indicating that this round of short squeeze, while significant, has not yet reached the extreme levels seen in previous rounds of Ethereum gains.
Overall, as long as Ethereum holds the newly recovered US$2,000 - 2,100 region, the chart trend supports bullish interpretation. The current challenge is whether buyers can maintain momentum above the $2400 resistance zone. Given that both the daily and 4-hour RSI are in a severely overbought state, and short liquidations are accelerating, it is not surprising that there will be a short-term cooling, but as long as Ethereum does not lose key support levels, the breakthrough structure remains healthy.
