Ethereum Near $3,700 Faces Key Resistance With Potential for Breakout Above $4,000 or Correction to $3,300

Key Points

1. Ethereum's price near $3,700 is a historically significant support/resistance level, with analyst Michaël van de Poppe noting a bearish divergence that could lead to a pullback to $3,300 if $3,800 resistance isn't breached.

2. Volume contraction and neutral RSI indicate market hesitation, suggesting potential for either a breakout or retracement.

3. Fractal analysis compares Ethereum's current chart to Bitcoin's 2020 breakout cycle, with trader Merlijn The Trader identifying a MACD bullish crossover and bear trap below $1,600, signaling potential renewed buying momentum.

4. The $4,000 resistance zone is critical for Ethereum bulls, with broader market factors like Bitcoin's performance and macroeconomic conditions influencing price dynamics.

5. Conflicting signals include bearish divergences and volume declines warning of a short-term pullback, while fractal patterns and bullish MACD signals suggest potential for an upward move.