Recently reviewed the 1-hour chart of ETH and found that all three dimensions—technical, on-chain movements, and news—are signaling positive momentum, indicating that the bulls still have strong potential.

From a technical perspective, ETH is currently trading at $3020, firmly above the middle band of the Bollinger Bands, with the bands expanding synchronously. This is a typical sign of bullish control. The MACD has confirmed a golden cross, and the histogram continues to grow, showing ample upward energy. The key resistance ahead is at $3069. As long as trading volume supports a breakout above this level, the $3100-$3200 range will become the next testing ground.

On-chain data is even more interesting. Monitoring shows that large addresses have net accumulated over 500,000 ETH in the past 24 hours. Meanwhile, exchange net outflows are accelerating, indicating that smart money is quietly building positions at low levels. Holdings are increasing in tandem, and the derivatives market has not yet shown signs of excessive leverage, which means the foundation for the rally is solid and not a bubble.

Fundamentally, ETH ETF expectations are heating up, and regulatory attitudes are improving. Institutional participation is rising. The ecosystem is also impressive—Layer 2 transaction volume has hit a new all-time high, and DeFi’s total value locked has increased by 15% weekly. All these point to genuine demand driving the growth.

Overall, ETH has entered an acceleration phase of the bull trend. Short-term pullbacks can be seen as opportunities to add positions. My bullish target is $3200, with a stop-loss below $2950. Remember one thing: the trend is always king, don’t get shaken out by mid-term volatility.