Ethereum is entering a pivotal stretch as price action grinds toward the heavy resistance band between $3,200 and $3,250, an area that has repeatedly dictated market direction throughout November.
The latest 45-minute chart shows ETH trading near $3,043, gaining steady momentum after several days of compressed volatility.
Chart Breakdown
The 45-minute ETH chart reveals a clear two-phase structure:
The initial rally
From November 23 to 24, ETH posted a sharp rise from the low $2,800s toward $3,050, supported by a visible increase in green volume bars. This move set the foundation for the current upward grind.
Sideways consolidation with bullish undertone
After the spike, price fluctuated between $2,960 and $3,050 in a choppy pattern, typical behavior when buyers and sellers fight near a known resistance zone. Each dip into the high $2,900s attracted buyers, forming a staircase of higher lows that now points ETH toward another test of the $3,200 ceiling.
This aligns perfectly with Maksim’s analysis: the $3,200–$3,250 range has become the line where market conviction needs to re-evaluate itself. Choppy action, declining short-term momentum, and tightening candles all point toward an imminent retest of this region.
Why This Zone Matters
The $3,200 area has historically been where short-term swing traders take profit and where liquidity clusters on the order book. If Ethereum breaks above this band with convincing volume, it would signal renewed strength, not just a bounce. But a rejection would likely send ETH back to recent lows near $2,880 for another retest.
What Traders Are Watching Now
Momentum remains mildly bullish as long as ETH stays above the $2,980 support. Volume spikes during upside moves indicate buyers are still participating, though bears continue defending the $3,050–$3,080 micro-zone aggressively.
If Ethereum reaches $3,200 again, traders will assess:
- •Volume expansion (critical for a breakout)
- •Candle structure around resistance
- •Whether the market absorbs sell pressure or rejects quickly
For now, Ethereum is slowly tightening toward a decisive moment, and the $3,200 wall remains the level that will shape the next chapter.