Ethereum is showing faint signs of life, clinging to a cautiously bullish perch above $3,100 while the broader market sentiment remains frozen in fear. It’s the crypto equivalent of waking up after a rough night—still a bit shaky, but definitely not dead yet.
On the daily chart (D1), ETH is trading around $3,141.64. The short- and mid-term trends have turned up, with price sitting above the 20- and 50-day EMAs ($3,090.71 and $3,125.24, respectively). However, the long-term 200-day EMA at $3,294.12 is still acting as a ceiling, capping the move. This is classic early-recovery behavior: bulls have tactical control but are still battling overhead sellers, likely dumping their bags from the last rally.
Momentum indicators back this grinding advance. The RSI is at 54.85, showing a positive but not overheated bias. The MACD line is above the signal line with a positive histogram (4.14), confirming upside momentum without the explosive froth of a blow-off top. Volatility is moderate; the daily ATR is $90.81, meaning a normal day involves swings of roughly 3%. Price is also trading above the middle Bollinger Band ($3,067.49) but below the upper band ($3,279.58), suggesting a controlled up-leg rather than a runaway squeeze that leaves everyone rekt.
On the shorter timeframes, the trend is even clearer. The 1-hour chart (H1) shows a stacked EMA structure (20 > 50 > 200) with price at $3,141.90 well above all three. RSI is at 59.63 and the MACD is strongly positive, indicating the intraday uptrend is alive and well. The 15-minute chart (M15) shows price hugging the upper Bollinger Band, with RSI at 65.27, suggesting the micro-move is extended and due for a pause or shallow pullback, but the overall structure remains intact, much like a degen on a winning streak who refuses to cash out.
Key levels to watch are clear. Support sits in the $3,070–$3,100 zone (the daily mid-Bollinger band and recent consolidation floor). Resistance is the critical $3,250–$3,300 area, where the daily upper band and the 200-day EMA converge. A sustained break above $3,294 would shift the narrative to a more decisive bull phase, finally giving the perma-bulls something to brag about on Twitter.
While traders watch these levels, the network's philosophical future is being debated. Vitalik Buterin is championing a "walkaway test," arguing that Ethereum should function like a reliable tool that survives even if active development slows or stops. The value, he argues, should be embedded in the protocol itself, not dependent on a central group of maintainers, essentially hoping the machine keeps printing even if the operators ghost the project.
That network resilience is currently being tested by capital concentration. A small group of large builders—stablecoin issuers, DeFi platforms, and staking providers—supports over 90% of the value locked on the network. But big money seems to be betting on the "walkaway" thesis anyway. Tom Lee’s Bitmine recently added $75.6 million worth of ETH, pushing total holdings past $13 billion. They
