Ethereum Primed for $3,340 Breakout as Crypto Bull Run Heats Up

Market auction patterns suggest Ethereum’s gearing up to smash through $3,340—just as the broader crypto market starts flexing its bullish muscles again.

Forget ’slow and steady’—ETH’s price action looks more like a coiled spring. Traders are betting the smart contract giant won’t just ride the coming wave, but lead it.

Of course, Wall Street will still claim they saw it coming... right after they finish downgrading their price targets.

Key technical points

• 200-Week Moving Average Acting as Support: Price is currently holding above this high-timeframe support, indicating strength and long-term trend alignment.
• $2,800 High Time Frame Resistance: This is the final local ceiling before a full rotation to the value area high at $3,340 can be completed.
• Market Auction Theory Rotation in Play: Price has already moved from the value area low to the POC and now eyes the value area high.

The 200-week moving average is not just a technical indicator, it represents a key level where institutional interest often responds. Ethereum’s ability to hold above it after a strong impulse suggests that the trend is not only intact but may be accelerating. As price consolidates above this level, it builds a base for the next MOVE higher.

Once $2,800 is breached with conviction, the next logical target is the value area high at $3,340. This WOULD complete the full auction rotation as outlined in Market Auction Theory, which describes how price oscillates between areas of perceived value. A clean tap of the value area high would signal that price has reached the “overvalued” end of the spectrum, at least temporarily, before the market seeks new balance.

Supporting this setup is the ongoing influx in volume, particularly after the breakout from $1,600. This suggests that fresh buying interest is still strong, and as long as this momentum continues, ethereum remains positioned for higher targets. Volume confirms demand, and currently, demand is pressing against resistance.

What to expect in the coming price action

As long as Ethereum continues to hold above the 200-week moving average and eventually breaks through the $2,800 resistance with strong volume, the path toward $3,340 remains technically valid. A full market auction rotation appears highly probable in the short to mid-term.