Ethereum registered one of the largest technical movements in recent months, rallying from below $2,000 to approximately $2,496 over several trading sessions. This surge has revived interest in the $3,000 price target, though Ethereum must overcome considerable resistance for further advances.
Ethereum’s breakout and resistance zones
The breakout from a prolonged consolidation phase between $1,850 and $1,950 stands as the most significant change in Ethereum’s trend. For much of July and August, ETH stayed below $2,000 while its major moving averages retained a bearish structure. The recent strong upward impulse has shifted this landscape.
On the daily chart, Ethereum has now closed above its main moving averages. The key long-term average, positioned around $2,140, has been decisively surpassed. Meanwhile, shorter-term moving averages at $1,934, $1,974, and $2,082 now create a notable support area beneath the current price.
Volume also reinforces the technical improvement. One of the largest spikes since February coincided with Ethereum’s initial breakout, suggesting that the rally drew broad participation. At the same time, the move has pushed ETH into overbought levels, with the daily relative strength index (RSI) reaching approximately 80.
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AAPLThe rapid increase, with ETH gaining about 30% from its prior range, left little time for new support to form between $2,150 and $2,400. Even if the broader trend remains positive, a pullback or consolidation in this region would be a typical occurrence following such an advance. Ethereum now faces immediate resistance between $2,500 and $2,550.
A daily close above $2,550 could open the way to $2,600, with $2,700 to $2,800 as subsequent targets. Only after these levels are cleared does the $3,000 objective come into realistic play. Ideally, Ethereum would hold $2,400 on pullbacks to sustain its bullish momentum.
The most crucial structural support now lies in the $2,140 to $2,200 area. As long as ETH maintains levels above this former resistance, the $3,000 target remains possible in the medium term.
| Level | Current Status |
|---|---|
| $2,140 | Key structural support |
| $2,400 | Supports bullish momentum |
| $2,550 | Immediate resistance |
| $2,700–$2,800 | Potential next resistance |
| $3,000 | Medium-term target |
Ethereum decisively broke past its long-term moving average at $2,140, attracting large trading volumes and restoring the possibility of a $3,000 move, provided it maintains key support levels during the next phase.
Bitcoin surges, but correction risk remains
Bitcoin has also shown renewed strength by approaching $79,000. Despite this resurgence, the pace of the move suggests that a short-term correction cannot be ruled out. Bitcoin climbed from the $63,000–$65,000 box to currently trade near $78,700.
This breakout was accompanied by significant increases in trading volume, helping BTC pass multiple major moving averages. The long-term average at $71,765, which had capped prices all summer, now serves as a key reference point above the medium-term technical outlook.
However, with Bitcoin trading nearly 10% above this core moving average and daily RSI at about 82, momentum indicators signal that the market is overheated. While such conditions do not guarantee a sell-off, they frequently precede a cooling-off period or pullback.
Short-term support is seen between $76,000 and $77,000, in line with recent consolidation following the immediate vertical rally. Holding this area may allow a test of $80,000 and possibly the May high of roughly $82,000. In case of a deeper correction, the $71,000–$72,000 zone—near the long-term moving average—becomes crucial.
A retest of the $71,765 area could help confirm its transformation from resistance to support. Additional backup exists between $67,000 and $68,500, where shorter moving averages converge. As a result, even a move toward $70,000 would remain within the bounds of a healthy technical retracement.
Bitcoin’s sharp recovery from $64,000 to nearly $80,000 establishes key support zones but leaves the asset vulnerable to a short-term move back to $70,000, especially if momentum fades and supports are tested.
Shiba Inu targets further growth after breakout
Shiba Inu, the widely followed meme coin, is signaling the potential for additional advances, despite encountering resistance at its long-term moving average. At present, SHIB is priced close to $0.00000543 and retains most of its gains from its recent upward move.
SHIB surged from approximately $0.00000445 to briefly touch $0.00000620 in a wave of high trading volume. This rally pushed the price through short and medium-term moving averages, yet the ascent stalled at the long-term average near $0.00000574.
After touching this resistance, SHIB produced a prominent upper wick followed by a correction. Key resistance now stands between $0.00000570 and $0.00000600. Despite this setback, SHIB continues to trade above its crucial support levels, including the orange moving average around $0.00000494 and shorter spans at roughly $0.00000486 and $0.00000460.
Momentum also supports the possibility of another upward push. SHIB has created a solid technical buffer over its trend indicators, with RSI currently at 62, notably lower than during the initial rally. Sustained strength above $0.00000574 could expose $0.00000600–$0.00000620 as new targets, followed by the May resistance at $0.00000650.
If immediate support at $0.00000520 is breached, downward pressure may increase, making the $0.00000490 level crucial to maintain the breakout’s structure. A further move below $0.00000460 would undermine the bullish setup. Although the overall trend has not fully reversed, SHIB’s technical posture has improved with recent movements above key averages.
Mini dictionary: Moving average, a technical indicator that smooths out price data by creating a constantly updated average price, helping traders identify trend direction and support/resistance levels.
