Ethereum (ETH) surged 3.89%, outpacing the broader market and successfully breaching significant resistance levels as it tested the $3,700 threshold. The move signifies growing upward momentum during the current market recovery phase.
Hourly technical charts indicate a clear break above prior resistance. Analysts suggest a continued upward trend could target the significant psychological barrier at $3,800 in the near term.
Despite the positive price action, declining trading volume introduces a note of caution. This volume contraction raises the possibility of midterm consolidation, potentially confining ETH within a $3,500 to $3,800 trading range.
At present, Ethereum trades around $3,650. This positioning close to the recent breakout point reflects an environment of cautious optimism prevailing amongst market participants.
Trading experts emphasize the importance of closely monitoring key resistance levels, trading volume patterns, and broader market data points for making informed investment and trading decisions in this evolving landscape.