Ethereum surpasses $3,200, are the bulls aiming for higher targets?

Ethereum is showing clear strength as it broke above the $3,200 mark during the trading session on 01/05, extending its upward momentum and reinforcing a short-term positive trend. This move occurs amid many important technical indicators continuing to support the bulls, increasing expectations for a new rally in the near future. Price Development: Uptrend Confirmed Before reaching the $3,200 level, Ethereum successively broke through key resistance zones at $3,000 and $3,050. The short-term high was recorded around $3,218, after which the price experienced a slight correction but remained above the $3,100 zone, indicating that selling pressure is not strong enough to reverse the trend. On the 1-hour timeframe, ETH is: Trading above the 100-hour SMA moving average forming a short-term upward trendline, with notable support at $3,120 Notably, the current price remains above the 23.6% Fibonacci level, calculated from the nearest low at $3,116 to the high of $3,218, indicating that the bulls still control the market. Resistance Levels and Bullish Scenarios If buyers continue to successfully defend the support zone at $3,120, Ethereum could: Re-test the resistance zone at $3,200 – $3,220 In case of a decisive break above $3,250, the upward momentum could extend to: $3,350 Further targets are $3,450 – $3,500 in the short term These price levels are considered the next targets for the bulls if positive sentiment continues. Technical Outlook: Indicators Support an Uptrend Current technical indicators favor a bullish scenario: 1-hour MACD: Maintains momentum in the positive zone, indicating buying pressure remains dominant RSI: Moving above the 50 level, reflecting increasing buying pressure Support levels: Nearest support at $3,165, corresponding to the 50% Fibonacci level Stronger support at $3,120 Correction Risks: Important Scenarios to Watch Although the short-term trend remains positive, investors should be aware of correction scenarios: If ETH fails to break above $3,220, the price could reverse and fall back to $3,120 If support at $3,120 is lost, selling pressure could push the price down to: $3,050 And even to $3,000, a key psychological support zone Conclusion Ethereum is in a favorable technical position, maintaining above important support levels and supported by many bullish indicators. If the bulls continue to hold their ground and break through key resistance levels, ETH could open the door to a new rally toward the $3,400 – $3,500 zone. However, in a rapidly volatile market, investors should manage risks carefully, closely monitor key support levels to avoid being caught in sudden corrections.