Liquidity clustered near $3,200-$3,350, guiding likely tests before direction changed.
Ethereum price just broke out of a heavy resistance zone amid much speculation with respect to its price action and where its going.
Ever since the market started going down Ethereum price took a hit as well, and over the last until earlier today, the leading altcoin was struggling against a heavy resistance near $3,400.
Even now, on its path to recovery, it remained roughly 22% lower over the past month, and still far below its all-time high near $4,953.
At the time of writing, Ethereum (ETH) price was trading at $3,530.11, sporting a substantial recovery of over 4.8% within the daily timeframe. The question is whether it will stay the course.
Charts from analysts placed resistance between $3,480 and $3,550, a repeat pivot zone. Resistance meant sellers often capped rallies there, turning advances back into consolidation.
One view, shared by Lennaert Snyder, tracked consolidation just beneath the upper band. He said a clean close above that belt could unlock a push toward $3,650.
He also noted a rejection there could knock the price back toward about $3,350. Traders also watched the $3,260 area, which acted as nearby support during recent dips.
Support meant fresh demand often absorbed supply, interrupting declines and creating rebound attempts.
Snyder said holding above $3,260 kept the structure constructive, while losing it risked momentum lower. A failed break often forced late buyers to exit, adding to downward pressure.
Prior rallies into that belt faded quickly during earlier attempts this quarter. That history led desks to scale entries and monitor closing behavior closely.
These checks framed how participants read follow-through versus simple range noise.
Other analysts treated the market as a wide range between $3,100 and $3,500. Range trading meant buying near the low boundary and selling near the high boundary.
A chart from “Crypto Stocks Freedom” marked long interest near $3,100 to $3,200 as well as short interest near $3,400 to $3,500, close to resistance for Ethereum (ETH) price .
That approach relied on clear invalidation with stop-loss orders beyond the range edges.
Analyst Ted Pillows pointed to liquidity clusters near $3,200 to $3,350 in recent sessions for Ethereum price.
Liquidity clusters referred to pockets of resting orders that price often probed. Pillows said the market strength suggested an initial sweep higher before any pullback.
That view aligned with repeated tests of the upper boundary during the week. Still, range traders stayed focused on reactions at the edges, not predictions.
The lower band between $3,100 and $3,200 defined the preferred demand area. Participants reported better fills during fast moves into that pocket of orders.
The market awaited confirmation through sustained acceptance beyond known boundaries and prior highs.
A daily close above $3,500, followed by steady holding, signals a higher chance of breakout. Traders can then look for expansion toward the next target near $3,650.
Fading momentum near that zone could refocus attention on $3,350 and $3,260. A decisive loss of $3,260 would open the path toward $3,100.
Breakouts worked best with rising participation and follow-through. That confirmation will reduce the risk of a quick reversal back into the range.
Without confirmation, participants will treat boundary tests as opportunities for disciplined mean-reversion attempts.
That approach reflected the Ethereum (ETH) price action this week, with multiple probes and limited follow-through. Analysts said the structure stayed intact until a closing break changed the map.
A strong rejection wick near $3,500 sometimes warned of exhaustion at the top. Conversely, shallow pullbacks after breakout attempts often supported continuation prospects.
Analysts compared the setup with earlier swings that stalled at similar zones. They also flagged macro calendars, though the chart levels carried greater weight.
A measured move using the range height suggested a rough target near $3,900. Analysts still prioritized real-time reactions over static projections from pattern rules.
They concluded that sustained breakout, time, and participation defined whether expansion held or failed.
Read more on The Coin Republic
