ETH’s recent surge and pullback—are the bulls done for?

At 5:35 AM Beijing time, Ethereum’s price was hovering around 3,145. The 3,170 resistance I’d been watching was indeed touched, but the price just couldn’t break through. If you’d been long from the 2,950 run-up, this 3,170 level was really a good point to close out—while the 220-point profit isn’t huge, the daily chart’s bullish signals just aren’t convincing. The main funds have tested 3,170 several times and failed to break it; unless we get a strong bullish daily close above this level, it’s hard to say if this rally can continue. The safest move now? Step aside and wait—don’t act until there’s a clear breakout at resistance or support.

Looking at the daily candle: before this post, the high reached 3,180 and the low dipped to 3,038. The EMA lines are still narrowing upward, and the price has stayed above the 15-day EMA at 3,050 for three days in a row—clearly building momentum to break 3,170. But whether it’ll truly push through this previous high depends on what comes next—if it does, follow the trend and go long; if not, it’ll likely reverse down. The MACD histogram is expanding, DIF and DEA lines are both rising—the bulls still have some strength. Bollinger Bands are narrowing too, with upper resistance at 3,215, lower support at 2,735, and the midline around 2,980.

On the 4-hour chart, the bulls remain resilient, repeatedly testing just below 3,170. MACD continues expanding, DIF and DEA have formed a golden cross, and the overall trend is bullish. The Bollinger Bands are tightening on both ends; the upper band at 3,154 has been tested and lost a few times, while the lower band at 2,980 is holding steady—bulls have a slight edge for now. The main strategy: wait for a confirmed directional signal—once a clear breakout pattern forms, it’s not too late to act.