With an uptick in both price action and investor confidence, Ethereum is currently spearheading the market charge. ETH soared toward $3,800 after surpassing the psychological $3,200 barrier, but this correction is not an indication of weakness. Indeed, it is evidence of how robust Ethereum's trend has grown.

The technical analysis of ETH's chart reveals a classic bullish pattern. The mid-July breakout that followed weeks of consolidation and low volatility from April to early June set off an explosive rally. The present decline seems to be a healthy retest following a protracted rally rather than a reversal. With the 200 EMA finally turning bullish and the 50 EMA sloping sharply upward, the price is still well above all of the major moving averages. This strength is supported by volume. 

ETH/USDT Chart by TradingView

Consistent buy-side volume spikes on breakout candles indicate that the move is supported by strong conviction. Although it is still high, the RSI is beginning to decline, which gives the asset room to rise even further. ETH's relative performance in relation to the larger market is what sets it apart. While Solana struggles close to important resistance and Bitcoin stays trapped in a range, Ethereum keeps hitting new highs. This is especially noteworthy, because there is not any immediate macro or regulatory pressure on ETH.

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This is pure technical momentum and on-chain accumulation with no ETF drama. Having said that, smart money seems to be accumulating. As previously stated, a bullish indication of long-term confidence is the recent withdrawal of hundreds of millions of ETH from centralized exchanges and transfer to new wallets. Ethereum appears to be well-positioned to keep outperforming at this point. 

If it stays above $3,500 over the next few days, there will not be much resistance until it hits $4,000 or higher. This rally is propelled by structure volume and actual capital movement rather than by hype. In summary, Ethereum is at its highest level in months and does not appear to be slowing down.

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