Ethereum (ETH/USDT) Records Steady Bounce Amid Broader Market Rally
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The market for Ethereum against Tether in the last 24 hours has witnessed slight downward pressure, dipping by 0.14%. The pair currently operates under the cloud of bearish pressure, as the set of EMAs displays strong evidence of bearish dominance.
As it stands, the momentum oscillator suggests that upside gains are looming. However, confirmation is needed as the short-period oscillator appears to be curling upward.
Currently, Ethereum trades at $2,982.83, recording more than 65,280 volumes for the day.
Technical Indicators
Major Resistance Levels: $2,993.20, $2,973.74, and $3,035.86
Major Support Levels: $2,967.21, $2,850.04, and $2,800.00
Technical Analysis
Technically, Ethereum against Tether appears to be showing a recovery after a short-term pullback. The price has bounced back from the lower support zone around $2,965. This move coincides with the red GMMA moving averages, indicating a possible trend reversal, as the MACD begins to form a larger bullish histogram.
As it stands, the current condition seems to be hinting at an impending breakout once the $2,993 is broken, as positive buying volume increases. To this end, a break above the immediate resistance would guarantee a move into the $3,000 zone; otherwise, consolidation continues.
Ethereum just hit a new all-time high in daily on-chain transactions, over 2.2 million in a single day.
This is the highest level of real network usage Ethereum has ever recorded.
What makes this important is where price is right now.
ETH is not at an all-time high. There is… pic.twitter.com/wibVBWByNA
— K A Y (@kay_drake_) January 1, 2026
Meanwhile, from another angle, @kay_drake has shared on Twitter that Ethereum recently achieved a new all-time high in daily on-chain transactions with a figure surpassing 2.2M in just a day. As it stands, this marks the highest level of real network usage the token has ever experienced. However, despite this surge in activity, ETH/USDT has not reached an all-time high, suggesting that the market dynamics could potentially reflect a unique phase of network growth with improvement on the way.
Ethereum Update
Ethereum on the smaller chart has reacted to micro support areas recently; this is portraying the view that the token might extend to the top slightly in the early part of 2026.
Meanwhile, from an Elliot Wave point of view, it appears that the token might be morphing into a 3- or 5-wave upside move soon. However, a move into $3,143 and $3,314 might not happen as fast as possible, as a recent upside move shows low confidence.
ETH/USDT Analysis: Is ETH Ready for Another Surge?
On the 4-hour timeframe, ETH/USDT appears to be shifting towards a consolidated pattern, operating between $2,973 and $2,989.70, but there is no clear breakout yet, as immediate resistance acts strongly.
As it stands, GMMA shows slight bullish dominance with the price stabilizing above the long-period EMAs. However, a move above $2,989.70 must be seen as the MACD shows weakened momentum.
To this end, the pair may see a slight pullback before recording a move to the north as bullish pressure appears to be fading momentarily.
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