Ethereum (ETH) Holds Strong at Key Weekly CME Gap Support

Ethereum is showing stability as it continues to hold above an important technical level. For over two weeks, ETH has found support within its historical Weekly CME Gap, an area that previously acted as resistance in past cycles. This zone has attracted buyers and remains a key point of interest as the market assesses where prices might go next.

Key Support Holds as Price Consolidates

ETH first dipped into the CME Gap area around $2,900 on November 26. Since then, it has remained stable, trading above $3,200 by December 3. The zone also aligns with past consolidation ranges seen in 2024 and early 2025. Rekt Capital noted that ETH has maintained this support for 2.5 weeks. The price continues to move within a narrowing range, supported at the bottom by the gap and capped by a descending trendline from the recent highs.

Adding to this shift in structure, Merlijn The Trader highlighted that Ethereum’s RSI has broken above its long-term downtrend.

“RSI broke out. Momentum leads, price follows,” he said.

If momentum holds, the next key level on the chart appears around $3,400, in line with past reaction zones. Moreover, Ethereum has also reclaimed its 50-week simple moving average. This came after a bounce from the $2,800 area. Crypto Rover pointed out that ETH is now trading back above this moving average, which many view as a trend guide for medium-term price action.

Short-Term Targets and Market Structure

CryptoWZRD said ETH and ETHBTC both closed their daily candles in bullish territory. ETHBTC is now trading above a lower high trendline that has held for over 100 days. The next resistance level sits near 0.040 BTC. For ETH, $3,700 is the next higher target if momentum continues. In the short term, CryptoWZRD is monitoring $3,200 as a critical level.

“If it holds above the $3,200 resistance target, I am expecting another long opportunity,” they said.

If rejected, sideways price action could follow. Key resistance is seen at $3,550, while $2,800 remains the main support. After the launch of Fusaka, Ethereum traded between $3,150 and $3,250 through Wednesday night into Thursday. ETH is priced at $3,190 at press time, showing a 4% gain in the last 24 hours and a 6% gain over the past week.

Trading volume has also increased, up 5% in the past day, with $31.89 billion traded. Santiment reported strong buying from addresses holding between 1,000 and 10,000 ETH.