ETH Technical Countdown: 1-Hour Chart Reveals 3 Critical Levels to Watch

The Ethereum market is presenting multiple technical signals on the 1-hour timeframe that deserve careful analysis. Current price action around $2.93K shows interesting dynamics across several technical indicators.

Technical Setup: Key Resistance and Support Levels

The upper Bollinger Band positioned at 3667 represents the primary resistance level. A breakout above this zone could trigger increased buying momentum. Conversely, the Fibonacci 61.8% retracement level at 3613 serves as a critical support zone where previous pullbacks have found buyers.

Adding to the bullish case: the MACD indicator has generated a golden cross while trading volume has increased noticeably. These confluent signals suggest stronger conviction among institutional participants entering the market.

On-Chain Fundamentals Support Price Structure

Whale wallet activity has increased by 15% over the past seven days, indicating that large holders are accumulating at current levels. With 445,130,651 addresses now holding ETH, the network continues to show broad participation.

The Cancun upgrade remains a structural tailwind for the Ethereum ecosystem, particularly strengthening the Layer 2 scaling landscape. These protocol improvements, combined with macro policy tailwinds, provide fundamental support for the asset.

Key Levels and Price Targets

If 3667 breaks: Watch for potential continuation toward 3693, with previous resistance at 3736 as an extended target.

If 3613 holds: This level represents a significant demand zone. Any bounce from this support could present tactical opportunities for positioned traders.

The analysis suggests a two-scenario framework: sustained breaks above resistance signal continuation patterns, while holds at support indicate potential accumulation phases. Both outcomes warrant monitoring across upcoming 1-hour candles.