Ethereum Surges 2.5% to $3,046 on Bullish Trend Shift

Ethereum's price has surged past the $3,000 mark, reaching $3,046 as of July 14, marking a 2.5% increase over the past 24 hours. This rally is driven by both structural bullish shifts and heightened demand in derivatives markets. The daily chart indicates that Ethereum has broken out of a multi-month accumulation range between $2,400 and $2,800, triggering a bullish structure shift. The price has now reclaimed the $2,970–$3,000 supply block that previously capped advances in June and early July, forming higher highs and higher lows. Additionally, Ethereum has cleared a major descending trendline that extended from the November 2024 high, signaling a reversal in the broader trend direction. This breakout is supported by visible volume strength and a strong base formed near the $2,680–$2,700 demand block.

The 4-hour Bollinger Bands confirm a renewed volatility cycle, with the price pushing above the upper band while maintaining support from the 20/50 EMA cluster between $2,945 and $2,814. As long as Ethereum stays above the mid-band ($2,972), the trend remains bullish. The recent rise in Ethereum's price is fueled by strong derivatives activity and technical breakout signals. Open interest in ETH futures rose 5.54% in the last 24 hours to $43.72 billion, with total volume surging 76% and options volume increasing by over 53%. Binance’s long/short ratio stands at 1.61 among top traders, and the top position ratio has climbed to 2.64, reflecting a broad long bias. From a price action perspective, the 30-minute chart shows bullish continuation after a shallow pullback to $3,030. The RSI has bounced to 65.1, moving away from neutral territory, and the MACD is printing a positive crossover with widening histogram bars, indicating fresh buying momentum. On the Smart Money Concepts (SMC) chart, Ethereum has broken key CHoCH levels and reclaimed BOS zones above $2,900. The current push through $3,000 is entering a low-liquidity zone up to $3,260, which could support rapid price acceleration.

The weekly Fibonacci retracement from the $4,106 top to the $1,385 low shows that Ethereum's price is now testing the critical 0.618 retracement level at $3,061. A confirmed weekly close above this mark would signal broader trend reversal potential, targeting $3,524 (Fib 0.786) as the next upside zone. The daily RSI remains in bullish territory without signaling extreme overbought conditions, and the BBP (Bull Bear Power) on the weekly chart continues to rise, indicating healthy underlying trend strength. The structure also aligns with the long-term ascending trendline extending from the 2022 cycle lows. Ethereum's price has reclaimed this trendline and flipped it into dynamic support, further confirming the current upside breakout as a potential trend resumption.

In the short term, Ethereum's price may test the $3,061 resistance (Fib 0.618) over the next 24 hours. A clean close above this level could ignite a run toward $3,260 and $3,524, especially if volume remains elevated and funding rates stay neutral to positive. If the price dips below $3,000 again, the first support lies at $2,972 (Bollinger mid-band) followed by $2,945 (EMA20 4H) and then $2,814 (EMA50 4H). A breakdown below $2,814 would risk invalidating the bullish bias and invite a pullback toward $2,700. However, given the current RSI-MACD alignment, rising open interest, and bullish market structure, Ethereum looks poised to attempt continuation above $3,061 with short-term volatility likely to remain elevated.