The Ethereum price now trades above $3,524 while RSI shows a bounce that has worked well before.
The setup follows Fibonacci levels, with $3,515 now acting as resistance before the $4,000 zone opens.
If ETH holds this range and clears the $3,515 level, then traders could expect $4,864 as the next step.
Ethereum (ETH) is trading at $3,524 after rebounding near a 4-hour RSI bounce level, suggesting short-term bullish momentum. On August 2, ETH moved up 0.77% and approached a resistance area at $3,515.01, a key Fibonacci level based on recent price swings. The RSI on the 4-hour timeframe signals a potential reversal after testing levels near 30.
https://twitter.com/tempo_cap/status/1951403301012119919
Technical analysis from TommyJR shows ETH forming a strong ascending curve with a breakout projection toward the $4,000 mark. Price structure has stayed above a curved trendline since May, with each major retracement bouncing at higher levels. RSI indicators previously predicted upward moves from similar setups, adding to the pattern’s reliability.
Will Ethereum break above the $3,515 level to confirm the uptrend toward $4,000, or will resistance hold and stall momentum?
Fibonacci Levels Provide Clear Structure With $4,000 in Focus
ETH’s current chart displays strong Fibonacci retracement zones, starting at $3,515.01 (23.6%), followed by $3,248.56 (38.2%) and $3,033.21 (50%). These levels mark areas of interest for both support and resistance, creating a ladder for possible upside moves. A sustained breakout above $3,515 would shift focus to $4,095.76 and later $4,864.08.
The chart also shows a strong price consolidation below $3,515 that lasted from late June to mid-July. That consolidation zone now acts as a launchpad as the price builds momentum toward higher targets. Traders are closely watching whether ETH can repeat previous behavior and climb to projected highs.
Above $4,000, further upside levels include $4,750 and $5,500. These are drawn from wave projections mapped in the current setup. While $3,515 may present friction in the short term, a clear breakout would validate the wave count structure laid out in the latest analysis.
RSI Pattern Aligns With Previous Rally Setups
The Relative Strength Index (RSI) on the 4-hour chart has dipped near the 30 level, which historically triggers bounce moves. According to TommyJR’s post, this RSI zone has provided accurate reversal signals in earlier ETH rallies. The RSI trendline also shows a descending path now meeting oversold territory, suggesting a pivot may be close.
Volume has remained relatively stable during the consolidation, with no spike suggesting panic selling. This stability at lower RSI levels gives traders confidence in a rebound as price holds the curved base trend. RSI readings and price movement remain within the framework of a bullish continuation.
Chart activity aligns with a broader cup-like structure that began forming around April. Since then, ETH has gained significant upward traction, forming higher lows and respecting curved trendline support. The RSI and price convergence continues to act as a guide for traders monitoring momentum.
Momentum Builds as ETH Aims to Retest $4,000 and Beyond
Ethereum’s current price action sits above key moving averages and trendlines, reinforcing bullish confidence. The blue line representing projected price movement shows a clean wave toward $4,000 and higher. The chart implies that ETH could hit a higher low before pushing upward again.
TommyJR’s chart analysis, posted on X, has gained over 6,500 views and triggered attention across trading forums. His statement described ETH as being “bang on” near RSI bounce levels, indicating this moment could define short-term direction. Traders are watching closely for a clean candle close above $3,515 to confirm a bullish continuation.
RSI levels, volume stability, and historical patterns are working together to support a possible breakout. The current setup resembles earlier momentum rallies that took Ethereum past prior resistance zones. Whether the price repeats that pattern depends on how ETH reacts to the $3,515 barrier.
