Ethereum Reclaims $3,538 as RSI Signals Bounce from $3,248 Support

• Ethereum is moving upward with visible strength after bouncing from key zones like $3,033 and $3,248 support.
• The RSI has broken its downtrend and now shows signs of a possible recovery on the 4-hour time frame chart.
• Fibonacci zones near $3,515 and $3,033 remain critical as ETH pushes toward $4,200 and then possibly $4,864.

Ethereum (ETH) continues its push toward the $4,000 resistance after reclaiming $3,538 on strong upward momentum from $2,855 lows. A widely followed chart shared by crypto trader TommyJR projects further upside, with price closely respecting Fibonacci retracement levels and dynamic RSI support. Market participants are now eyeing whether Ethereum can sustain its trajectory toward $4,864.

Key Resistance Levels and Market Structure Shift

ETH has reclaimed critical territory after a sharp retracement from local highs, bouncing off the 0.236 Fibonacci level near $3,515. The support region between $3,248 (0.382) and $3,033 (0.5 Fib) remains pivotal if price retests lower levels. These zones have previously triggered demand, signaling strong buyer interest.

The broader market structure shows Ethereum broke out of a months-long consolidation in early July. It confirmed a major breakout above a horizontal resistance at $3,095.75. This move coincided with the validation of an ascending curve structure, drawn from the April lows, indicating an uptrend base.

An earlier downtrend marked by a descending blue trendline was invalidated, followed by strong bullish continuation. Ethereum surged in tandem with RSI bouncing from oversold territory, now stabilizing around 46.08. This technical alignment has prompted analysts to consider the possibility of a continuation above $4,200.

RSI, Fibonacci, and Trendlines Guide Market Expectation

TommyJR, who shared the technical chart on X (formerly Twitter), noted, “$ETH bang on → now close to bouncy RSI levels (4h).” The RSI is currently forming a bullish divergence against price, often an early reversal signal in crypto markets. The oscillator has broken out of its recent descending trendline.

Alongside RSI support, the price has respected the 0.382 level near $3,248. A drop below this may open a path to $3,033 or $2,855.47. The $2,855 mark is considered the last stronghold before major trend invalidation.

Meanwhile, Fibonacci extensions show Ethereum targeting $4,200 and $4,864 if bullish momentum resumes. On-chain traders have begun speculating on institutional inflows returning at these levels. The next 48–72 hours could be critical in confirming the setup.

A speculative curved trendline has also been respected since mid-May, guiding Ethereum’s steady advance. This curve intersects near the $3,000 range, providing confluence with Fibonacci levels and previous breakout support.

Social Sentiment and Investor Watch Zones

Traders on social platforms are closely watching Ethereum’s short-term moves. One user asked, “What happens if we touch 2900?” indicating bearish scenarios remain part of the discussion. Others maintained a bullish outlook if key levels hold.

The chart, which has gained over 5,500 views, shows a possible extension toward $4,864. That level marks a psychological and technical target aligned with the blue price projection curve. Ethereum would need to maintain strong buying volume to approach this threshold.

Volume indicators remain neutral, suggesting the market awaits further confirmation. The risk remains if Ethereum fails to hold $3,248. Still, short-term recovery to $3,600 has instilled hope for another push higher.