Ethereum’s bullish momentum accelerated this week, pushing Ethereum price today toward the critical $3,000 mark. The rally has been backed by a sustained breakout from descending trendlines and a clean reclaim of prior resistance zones. As of writing, ETH is trading near $2,980, marking a fresh local high with bullish continuation signals across multiple timeframes.
What’s Happening With Ethereum’s Price?
ETH price dynamics (Source: TradingView)
On the daily chart, Ethereum price has cleanly broken above the $2,715–$2,750 resistance band and pierced through a descending trendline that had capped upside since early April. This move follows weeks of base formation and accumulation within the $2,400–$2,600 range.
ETH price dynamics (Source: TradingView)
Price is now testing the next major resistance near $3,000, which aligns with the Fib 0.618 retracement at $3,081 from the November 2024 swing high. The break above prior supply zones and bullish BOS (Break of Structure) above $2,650 has reinforced the structural reversal, supported by increased momentum and volume.
Weekly structure confirms this move. ETH has posted its strongest bullish candle in over two months, reclaiming the Fib 0.5 level at $2,745 and eyeing the critical $3,081 pivot. A close above this level could open the path to $3,525 (Fib 0.786) and ultimately the 2024 high at $4,106.
Why Ethereum Price Going Up Today?
ETH price dynamics (Source: TradingView)
The current breakout is being driven by both technical momentum and bullish fundamentals. From a Smart Money Concepts lens, multiple CHoCH (Change of Character) signals flipped bullish last week, with a clean BOS confirmed above the $2,650 zone. This structural shift invited fresh demand, propelling the breakout.
On-chain behavior reinforces this optimism. According to CryptoQuant data, the number of Ethereum depositing addresses has dropped to 23,000, indicating reduced sell pressure. Investors appear to be moving ETH to self-custody rather than exchanges which is historically a bullish trend.
Despite a small uptick in ETH exchange reserves (now at 18.9M), the prevailing market behavior leans bullish. Growing ETH utility in settlement infrastructure and tokenization, particularly in DeFi and institutional-grade financial rails has added strong fundamental backing to this rally.
Momentum Indicators Signal Strength, But Watch RSI Divergence
ETH price dynamics (Source: TradingView)
On the 4-hour timeframe, Ethereum price action remains aggressively bullish. Price is now trading well above the 20/50/100/200 EMAs, with all moving averages stacked in favor of buyers. The 200 EMA sits near $2,534, offering dynamic support if price pulls back.
Bollinger Bands on this timeframe have widened significantly, reflecting a volatility expansion phase. The current candle structure shows strong upside aggression, though upper wicks suggest short-term profit-taking near $3,000.
ETH price dynamics (Source: TradingView)
The 30-minute chart shows RSI has cooled slightly from 69 to around 60, hinting at a temporary momentum pause. However, it remains above neutral, while MACD shows a flattening histogram after an earlier bullish cross, indicating consolidation rather than immediate reversal.
Long-Term Structure: Ethereum Approaches Apex of Multi-Year Triangle
ETH price dynamics (Source: TradingView)
On the monthly timeframe, Ethereum price is now trading near the apex of a multi-year symmetrical triangle. This pattern has been forming since 2022, with clear lower highs and higher lows compressing toward convergence. Ethereum price today at $2,979 puts it directly below the upper boundary of this formation, a key trendline capping ETH for over two years.
This compression zone is significant for long-term price action. A confirmed breakout above the descending blue dotted resistance could signal the start of a new macro uptrend. On the other hand, rejection near this level could prolong consolidation, with support at $2,136 and then $1,725 as the primary downside buffers.
Of note is the double top pattern formed around the $4,077 level i.e. a major resistance zone. If Ethereum price action breaks above the triangle and reclaims $3,200–$3,500, the $4,077 neckline could become the ultimate bullish confirmation level, invalidating the prior top-heavy setup.
This macro pattern is vital. Ethereum is not just rallying in the short term, it’s approaching a structural inflection point that could define its direction for the rest of 2025 and beyond.
ETH Price Prediction: Short-Term Outlook (24H)
ETH price dynamics (Source: TradingView)
As ETH consolidates near the psychological $3,000 level, traders should monitor the $2,945–$2,965 band for potential support retests. A successful hold here could trigger a push above $3,081, targeting $3,200 and then $3,525 (Fib 0.786).
If short-term rejection occurs, support lies at $2,800, followed by the breakout zone near $2,715. Losing these levels may invalidate the breakout, especially if price closes below $2,650 again.
Given bullish SMC confirmations, strong EMA alignment, and bullish market sentiment, ETH remains poised for a continuation — provided buyers defend the $2,945 support and volume confirms.
Ethereum Price Forecast Table: July 12, 2025
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