Ethereum (ETH) is showing strong bullish movement today, with a notable surge of 3.77% according to CoinStats. The hourly chart suggests potential support at $3.158, potentially signaling further price decline to the $3,100 range if the daily bar closes near this level. On longer timeframes, ETH has struggled to break above the crucial $3,230 mark, but the market’s long-term outlook remains uncertain. If the weekly closing price stays away from this level, bears might gain control, potentially leading to a test of the $3,100 zone by week’s end. Meanwhile, analysts are closely observing the performance of the price in terms of a weekly bar closing around $3,233 if bulls manage to maintain momentum and keep the candle close to this level or above, this could signal potential for continued upward movement towards $3,300 – $3,400 range. Ethereum is currently trading at $3,155 as of press time.