Ethereum News Today: Ethereum Surges 15% to $3,100, Bullish Trend Intact

Ethereum's price has surged past $3,100 and is now approaching a key resistance zone near $3,500, following a breakout from a multi-month cup and handle pattern. This technical pattern suggests a structural bullish reversal, with projected targets between $3,700 and $4,100 based on measured move theory. The weekly chart also shows a clean breach of the 0.618 Fibonacci retracement at $3,177, with Ethereum now moving toward the 0.786 Fib level at $3,525.

From a volume and structure perspective, Ethereum has invalidated the previous change of character and reclaimed major liquidity zones. The Smart Money Concepts chart shows a clean break of structure above the prior weekly high, aligning with the start of an aggressive markup phase. As long as Ethereum sustains above $3,100, the bullish structure remains intact.

The main catalyst behind Ethereum's price surge is the combination of technical breakout confirmation and rising speculative demand. Derivatives data shows a significant surge in Ethereum futures volume and open interest, signaling fresh long positioning and high conviction buying interest. Long/short ratios are skewed bullish across exchanges, with top trader positions showing an aggressively long bias. The options market is also heating up, with higher volume and rising open interest, indicating that traders are betting on further upside.

On the 4-hour chart, Ethereum's price action is trading far above the 20/50/100/200 EMA cluster, with all four exponential moving averages stacked bullishly below the current price. This structure provides a strong dynamic support base in case of short-term pullbacks. The Bollinger Bands have expanded sharply, indicating elevated volatility after the breakout. Price has pierced above the upper band at $3,418, confirming aggressive price expansion. However, short-term consolidation may occur between $3,400 and $3,500 as traders take profits.

On the 30-minute chart, the RSI has hit 71.4, entering overbought territory. The MACD remains in bullish territory, though histogram bars are beginning to flatten, suggesting momentum could cool in the immediate term. The short-term outlook for Ethereum's price remains bullish, with immediate resistance seen at the $3,525 zone, aligning with the 0.786 Fibonacci level. A breakout above this region could accelerate the move toward $3,715 and $4,107, as outlined in the daily breakout projection. On the downside, support rests at $3,307 and the prior breakout level of $3,107.

Traders should watch for any consolidation near $3,450 to $3,500, which could offer a launchpad for the next leg higher. A drop below $3,307 would suggest temporary exhaustion but would not invalidate the larger bullish trend unless $3,100 breaks. The confluence of technical and sentiment-based support is fueling the rally, with traders closely watching to see if this upside continuation holds or if a temporary pause sets in at resistance.