Crypto Blog
Ethereum has been exhibiting strong upward momentum, with a recent surge pushing the price toward the crucial $4K resistance region.
After successfully reclaiming the $3.5K resistance level, Ethereum has continued its bullish trend, reaching the significant $4K resistance region. This price range coincides with ETH’s yearly high and is crucial as it has acted as strong resistance in previous attempts. This price range likely contains substantial selling pressure, which may prevent the asset from pushing higher in the short term.
As Ethereum tests the $4K resistance, the possibility of a temporary rejection becomes high. A retest of the $3.5K support level, where buying pressure has been strong in the past, is likely. If ETH finds support at this level, it could lead to another attempt at breaking the $4K resistance.Examining Ethereum’s futures market metrics provides valuable insight into market sentiment, complementing price analysis.
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