Ethereum price tests $3,000 as weekly breakout challenges long-term resistance trendline
Ethereum eyes a breakout above $3,080 as bulls push against long-term resistance structure
Ethereum extended its recovery rally this week, climbing to a high of $2,998 on Friday before consolidating near a major resistance zone. The move comes after a clean breakout above the $2,710–$2,745 structure, which had capped price action since mid-June.
Highlights
- Ethereum trades near $2,980 after clearing multi-week resistance
- Key resistance at $3,080 aligns with 61.8% Fibonacci from 2024 peak
- Momentum remains favorable but consolidation likely unless ETH closes above $3,080
This shift in trend marks Ethereum’s strongest bullish follow-through since early April. The breakout follows a multi-week base formation near $2,500, with bulls gradually reclaiming control across higher timeframes. Daily candle structure has turned decisively bullish, with ETH now holding above all major moving averages. The $2,980–$3,080 region has emerged as the next hurdle, coinciding with the 61.8% Fibonacci retracement from the November 2024 high.
ETH price dynamics (Source: TradingView)
However, short-term charts indicate early signs of consolidation. Price action has shown repeated upper wicks near the $3,000 mark, suggesting minor profit-taking pressure. Momentum remains favorable but could pause unless bulls reclaim control above $3,080.
Market focus turns to structural breakout
On-chain metrics have reinforced the bullish case. CryptoQuant data shows a drop in Ethereum deposit activity, with depositing wallet counts now at 23,000, down from June’s highs. Meanwhile, exchange reserves remain stable near 18.9 million ETH, signaling that selling pressure remains contained.The broader market tone has also shifted in Ethereum’s favor, with a renewed uptick in Layer 2 activity, tokenized asset deployments, and increased ETH use in cross-chain settlement layers. The backdrop of reduced exchange inflows and rising token utility suggests a structural shift in sentiment.
Technically, Ethereum is now approaching the upper boundary of a long-term symmetrical triangle that has defined its price structure since early 2022. A clean daily close above $3,080 could open the door to $3,525, followed by the 2024 peak near $4,075. Failure to break this level may lead to extended range-bound action between $2,800 and $3,000, with $2,710 and $2,530 acting as critical support.
Price forecast and levels to watch
Immediate support now lies at $2,945, followed by $2,865 and $2,710. Resistance remains strong near $3,080. A daily close above this zone would complete the triangle breakout pattern and likely extend the rally toward $3,525 in the near term. However, rejection here would reinforce short-term exhaustion, with downside potential back to $2,710 if momentum fades.
Previously, we discussed how Ethereum price was compressing under the $2,700 ceiling, awaiting a structural breakout. That breakout has now occurred, and the current phase appears to be a retest of new support. Traders should continue monitoring whether ETH can establish acceptance above $3,000 for bullish continuation.
