Ethereum (ETH) is trading near $3,200 at the time of reporting, down slightly over the past 24 hours, while showing a 8% gain in the last week.
Meanwhile, trading volume sits above $28 billion. With the recent move above the 21-day moving average, some traders are watching for the beginning of a new trend.
Ethereum Breaks Above 21-Day MA
ETH has closed several daily candles above its 21-day moving average on the ETH/BTC pair. Michaël van de Poppe noted,
“It broke above the 21-Day MA and it held it as support.”
He suggested this may be the first real uptrend since the summer months. ETH is holding above 0.035 BTC, following a long consolidation period. This zone had previously acted as a resistance during the decline. Now that the price is above it, the level is being treated as support. Momentum has picked up, with RSI values rising but not yet at overheated levels.
In addition, Ethereum has bounced multiple times from a support area between 0.03 and 0.0325 BTC. That zone has held since late 2025. Daan Crypto Trades described ETH as “very compressed against BTC,” adding that a large move could follow. He also pointed to the 200-day moving average and the 0.032 level as key markers if price turns lower.
On the ETH/USDT chart, the token has cleared a descending channel. The breakout comes after several months of lower highs. Lucky shared the chart, noting Ethereum’s move back above $3,200 and into a previous support area that had acted as resistance during the downtrend.
$ETH is following the pattern.
👀✔️ https://t.co/xrPXHoi0kV pic.twitter.com/oUdIEgmMrs
— Lucky (@LLuciano_BTC) January 7, 2026
You may also like:
- Bitcoin’s 2026 Rally Has Legs – But Only If These Risks Fade
- Ethereum Topped $3,250 in Recovery as BitMine Stakes Over $2B ETH
- Ethereum Suffered Worst Year Since 2018: 9 Red Months in 2025
Price Patterns and Short-Term Levels
ETH recently closed its first red daily candle in six sessions. Analyst Ted commented,
“This was needed, as it has now cleared most late longs.”
He believes the trend remains in place if ETH stays above $3,200. Elsewhere, CryptosBatman mentioned a possible double bottom, but said the chart is “still not in the clear” due to nearby resistance. A breakout could push the next target to $3,900, which aligns with the 1.618 Fibonacci extension.
On another front, data from CryptoQuant shows under 16.5 million ETH held on exchanges, close to the lowest levels in years. Low reserves suggest little selling pressure in the near term.
At the same time, net inflows into spot ETH ETFs have turned positive. That shift signals renewed interest from institutions, adding another layer of support for Ethereum’s current move.
