• Ethereum has rebounded above $3,150 and is consolidating above $3,200 and the 100-hour Simple Moving Average after a pullback from $3,450.

• A fresh bullish trend line is forming with support at $3,180, keeping the near-term structure constructive as ETH tries to rebuild momentum.

• The next real test sits at $3,320–$3,350; a clean break could reopen $3,400, $3,450 and even $3,500, while a slip back below $3,150 would put $3,040–$3,000 back on the radar.

Ethereum (ETH) is attempting to steady itself after a choppy reversal near the $3,450 area. Price has reclaimed the $3,150 zone and is now holding above $3,200, with bulls trying to turn the latest dip into a launchpad rather than the start of another leg lower. The setup is improving, but it’s not “mission accomplished” yet — the market still has to prove it can punch through the thick resistance band around $3,350.

Ethereum holds support after a pullback, with bulls still in the game

ETH started a downside correction from the $3,450 region, but it didn’t unravel. Instead, it defended the $3,150 area and pushed higher, briefly outperforming Bitcoin in the process.

After stabilizing above $3,150, Ethereum climbed through $3,300 and $3,320, and even managed to trade above $3,400 before sellers stepped in again below $3,450. The move topped at $3,448, and from there ETH gave back part of the rally.

The pullback dragged price below $3,250, and it briefly dipped under the 50% Fibonacci retracement of the advance from the $2,914 swing low up to $3,448. That’s usually the point where you find out whether a move had real demand behind it — and, in this case, buyers did show up.

Bulls defended the dip near $3,150, and ETH is now trading above $3,200 and the 100-hour Simple Moving Average. Just as importantly for short-term structure, there’s now a new connecting bullish trend line forming on the hourly ETH/USD chart (Kraken data), with support around $3,180. That trend line is essentially the market’s “don’t make this ugly” level for the very near term.

If ETH manages another push higher, the first friction point sits near $3,290, followed by $3,320. The main hurdle remains $3,350. A decisive move through $3,350 could set up a retest of $3,400, and if price can reclaim that area cleanly, the path opens back toward $3,450 — with $3,500 becoming a plausible extension in the near term if momentum accelerates.

What would flip the setup back to bearish?

The bullish case is currently “alive,” but it’s not bulletproof.

If Ethereum fails to clear $3,320 and sellers regain control, the first support to watch is $3,200. The bigger line in the sand is still $3,150. A clear move below $3,150 would weaken the entire rebound structure and could pull ETH down toward $3,040, then $3,020, with $3,000 standing out as the next key support area.

Momentum indicators are still leaning bullish, which helps explain why buyers are willing to defend dips for now:

• Hourly MACD is gaining momentum in the bullish zone.

• Hourly RSI is above the 50 mark, indicating buyers still have the upper hand intraday.

In short: ETH is setting up for an upside attempt, but the market has to prove it can turn $3,350 from a ceiling into a floor. Until that happens, the rally case is more “building” than “back.”