67%—that’s how much Ethereum has rallied in barely eight weeks. If that number doesn’t make your palms sweat, check your pulse.
Here's What Actually Happened
Within the last couple of hours, ETH punched through $3,600 on Kraken, tapping $3,627 before the candles got jittery. The move came straight off a clean bounce at $3,350, and—no joke—the hourly chart looks like it was drawn with a ruler. There’s a key bullish trend line sitting right on $3,490, and price keeps kissing it like a lucky charm.
Data nerds will note the 23.6% Fib retrace from the crazy-quick $2,935 → $3,627 leg is holding like a champ. The 100-hour SMA just tagged $3,500, so the technicals are practically screaming, “If this isn’t a breakout, what is?”
Now Here's the Interesting Part
ETH’s jump is outpacing Bitcoin again—the ETH/BTC pair flickered green while BTC chopped sideways around $63K. That tells us fresh money isn’t just rotating within crypto; it’s flowing into Ether specifically. I’m not entirely sure whether that’s ETF hype or straight-up greed, but the order books on Binance and Coinbase Pro suddenly look thinner than a Solana block finality.
Even on-chain sleuths at Glassnode flagged a 16-month low in exchange balances this morning. Less ETH sitting on exchanges means fewer panic sellers hanging around. Bulls love that.
Why This Matters for Your Portfolio
Short answer: momentum. Hourly MACD’s histogram is pushing deeper into the green zone, and the RSI is gliding above 50 like it owns the place. If ETH clears $3,650, the next magnet sits at $3,720, with $3,800 looking like the boss fight. And yes, people are already tweeting “$4K by the weekend?” under Vitalik’s memes.
Remember, every $100 jump yanks countless call options into the money on Deribit. Market makers have to hedge by buying spot or perpetuals, which can feedback-loop prices higher. It’s almost self-fulfilling—almost. Nothing’s guaranteed, but hey, this is crypto, right?
What Could Trip the Bulls
I won’t sugarcoat it—if ETH fumbles and slides under that $3,500 trend line, bids thin out fast down to $3,420, then $3,350. A cascade to $3,220 isn’t impossible if macro jitters (rate cuts delayed again?) spark a risk-off puke across markets. You’ve been warned.
Also keep an eye on gas fees. If they spike like they did during the last meme-coin mania, some DeFi whales might de-risk. Arbitrum and Base TVL flows are worth tracking; sudden outflows there often front-run ETH pullbacks.
Quick Take Before You Refresh the Chart
“ETH breaking $3.6K ahead of the Dencun upgrade shows the market’s pricing in L2 tailwinds,”
—Kyle Davies (yes, Three Arrows’ Kyle, take that opinion for what it’s worth) said on X 20 minutes ago. Love him or hate him, he’s got reach, and messages like that can goose sentiment.
So where does that leave us? If you’re scalping, the trade is obvious: ride the trend line until it buckles. Longer-term stackers might simply smile at every dip above $3,220. And if you’re still on the sidelines, ask yourself: will you really be chill if ETH prints $4K and your wallet’s still at zero?
Bottom line: as long as $3,500 holds, momentum favors the bulls. But keep alerts set—volatility works both ways.
This story is still developing. Keep one tab on the chart, the other on the news feed, and maybe—just maybe—grab some popcorn.
