Ethereum Price Shows Early Strength—Why a Break Above $3,200 Matters for ETH’s Next Move
As seen in the above chart, the ETH price continues to trade within a decisive triangle, holding the ascending and descending trend lines as support & resistance. The structure has historically been bullish, but the technicals now suggest a pullback below $3000 could be mandatory. The Chainkin Money Flow (CMF), which has just risen above 1, is showing a bearish divergence, suggesting the capital is flowing out of the crypto. On the other hand, the MACD is preparing for a bearish crossover, causing a deeper correction for the ETH price.
However, the range between $3,029 and $3,070 could act as a strong base, helping the token to trigger a rebound. In case of a failure, the Ethereum (ETH) price may not only plunge below the range but also break the triangle and range lower. In such a case, a drop close to $2800 could be imminent. On the other hand, a successful rise above $3200 could erase the bearish possibility and pave the way for a continued upswing, probably beyond $3500.
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