Ethereum is currently at a technically critical point, which explains the resurgence of bull market discourse. The zone created by the 20- and 21-week EMAs on longer time frames or their daily equivalents in trend structure is known as the bull market support band, and it is currently interacting with the price.
Ethereum is pushing forward
This band has historically served as a boundary between long corrective periods and sustained bull phases. ETH is not completely above it yet, but it is also no longer being vehemently opposed. This distinction is important. Ethereum printed higher lows and progressively reduced volatility over the last few months as it moved from impulsive selling to a controlled recovery structure.
This is not euphoric behavior, rather, it is damage repair. Rarely do markets that enter a bull market do so quickly, instead they grind first. From a price action perspective, Ethereum is pushing straight into medium- and long-term resistance after regaining shorter-term moving averages. The price is capped between $3,300 and $3,400 by the 100 EMA and the upper edge of the support band.
Ethereum’s market regime would shift from a corrective to an expansionary one if there was a clear break and acceptance above this range. ETH, however, remains trapped in a broad consolidation range when it fails. This narrative of transition is supported by volume behavior. Buying pressure has increased on dips, and sell-side momentum has obviously weakened in comparison to the previous leg down, but there is no blow-off participation.
Becoming stronger
RSI remaining in the upper-neutral range confirms that ETH is rebuilding strength rather than being overheated. The things that are not happening are what matter. Pullbacks are being defended earlier, Ethereum is no longer making lower lows, and momentum is no longer diverging bearishly. Assets behave like that prior to trend confirmation, not following it.
Without a confirmed breakout, it would be premature to declare this an official bull market entry. However, the circumstances are coming together for one. The likelihood of the trend continuing increases dramatically if Ethereum is able to break through and hold above the bull market support band. Upside targets will then rapidly expand.
