Ethereum Sustains Breakout Above $2,970 As Price Stabilizes Within Key Range

Ethereum price breaks the ascending triangle and rises 1.6% to trade at $2,969.56.

RSI and MACD show steady momentum above neutral thresholds.

Support sits at $2,935.93 while resistance approaches $3,027.12 in the current 24-hour range.

Ethereum moved decisively above a well-established ascending triangle pattern, with price now trading around $2,969.56. This development came after months of consolidating along higher lows and consistent resistance. The breakout occurred on increased volume and took ETH beyond the $2,935.93 support area

Notably, price now sits close to the upper boundary of its 24-hour range, which peaks at $3,027.12. Market watchers have tracked this triangle formation closely since March, as the setup had compressed price action into a narrowing structure. The recent breakout brought a swift move higher, confirming a shift in short-term trend.

Technical Indicators Show Continued Momentum in Lower Timeframes

On the hourly chart, momentum indicators remain in supportive territory. The RSI currently reads 54.84, holding steady above its median line of 50. This suggests price movement has maintained relative strength through the most recent sessions. Alongside RSI, the MACD histogram also stays positive, with the MACD line at 7.18 and the signal line at 11.50. These readings indicate continued bullish momentum, despite the minor pullback after the breakout.

Source: TradingView

In past moves, similar MACD configurations have coincided with sustained price increases. Nonetheless, traders are wary of possible divergence. The RSI has not experienced any major oversold or overbought conditions up until today, hence volatility remains reasonably balanced. Momentum does not change, adding strength to the formation seen on larger time frames.

Consolidation Zone Forms Above Support as Range Widens

Following the breakout, Ethereum formed a short consolidation just above the previous resistance line. This zone now acts as immediate support near $2,935.93. This level was slightly tested by the price after the breakout, followed by a rapid rebound to trade around the price of 2,970.11. The current price movement of Ethereum indicates a contained range with the 24-hour low at $2,935.93 and high at $3,027.12.

This sideways action has tracked well with this breakout area providing a technical foundation to potential continuation. Notably, the chart shows clean upward structure following the breakout, with buyers stepping in during minor dips. As ETH continues to stabilize above former resistance, the market now focuses on whether price can clear the $3,027.12 resistance or fall back to test support again.