Can ETH hold steady after breaking through 3050? Short-term trend analysis

According to the latest news, ETH successfully broke through the 3050 USDT level, with the current price at 3050.45 USDT. This is a noteworthy technical breakthrough, but the sustainability of the short-term trend requires further confirmation. From multiple timeframes, ETH shows both short-term strength and medium-term pressure for correction. Whether it can hold this level will determine the strength of the rebound.

Short-term Breakthrough but Caution Against Pullback

The significance of the technical breakthrough

Based on data, ETH has risen 4.49% in the past hour, indicating a clear short-term upward move. Breaking the 3050 integer level often has psychological significance, likely attracting buy-in from traders chasing gains, but it can also become a point for profit-taking.

Multi-timeframe trend comparison

The interesting aspect of this data is that: in the short term (1 hour and 24 hours), ETH is rising, but over the medium term (7 days), it is falling. This suggests ETH may be rebounding from a downtrend rather than establishing a sustained upward trend. The nearly 10% decline over 7 days indicates a significant correction earlier, and this rebound might just be a technical retracement.

Market Fundamentals Remain Steady

Market cap and trading volume

ETH’s current market cap is $36.683 billion, ranking second among cryptocurrencies with a market share of 12.05%. This position remains solid, indicating market confidence in ETH has not changed. The 24-hour trading volume is $3.533 billion, up 14.69% from the previous day, suggesting this breakout is supported by trading activity and not a false move.

Supply situation

ETH’s circulating supply and total supply are both 120,694,540 tokens, following an unlimited supply model. This is a fundamental characteristic of ETH, which does not directly impact price but is important for investors to understand.

Key Focus for Follow-up

Based on current information, several key issues to monitor include:

• Whether 3050 can become a new support level or is just a short-term rebound high
• If the breakout fails and prices fall back, where is the next support level
• Whether trading volume can remain at a high level
• Whether the market will continue to chase the rally or start taking profits

Summary

ETH breaking through 3050 USDT is a positive signal, and the short-term trend is indeed strong. However, considering the 9.81% decline over the past 7 days, this breakout appears more like a technical rebound rather than a trend reversal. Whether a genuine upward trend can be established depends on whether ETH can effectively hold the 3050 level and continue to break higher. Investors should closely observe trading volume and subsequent price action to determine if this is a rebound or a reversal.