Ethereum targets $3,900 - Key resistance breakthrough may trigger a surge

Ethereum has caused a stir in the cryptocurrency market, hitting a local high of $3,688 a few hours ago, the highest level since June. This impressive price movement has sparked excitement among investors and analysts, with many expecting Ethereum to further surge in the next few hours.
ETH is currently poised to break through the annual high, which may set the stage for a stronger Rebound. Cryptocurrency analyst Carl Runefelt shared the Technical Analysis of X, emphasizing the importance of the current resistance for ETH. According to Runefelt, ETH is at a critical moment, facing a major resistance level that may determine its next move. If ETH breaks through this barrier, it could quickly rise to $3,900, consolidating its bullish momentum.
Due to the overall strong market sentiment, it is still difficult to predict the PA of Ethereum, especially as it leads the AltCoin in this rising trend. Investors are now eagerly hoping to see whether ETH can maintain its rising trajectory and set new milestones in the future.
Ethereum has become headlining news as it hits a new high, riding the bullish momentum, while BTC is consolidating below $100,000. This Rebound has made Ethereum a key driver in the altcoin market, which continues to pump significantly and attract investors' follow.
With the improvement of overall market sentiment, the performance of Ethereum (ETH) has become the focus of traders and analysts' attention. Cryptocurrency analyst Carl Runefelt recently shared his Technical Analysis on ETH, emphasizing the key resistance level. According to Runefelt, Ethereum is currently at a critical moment. A successful breakthrough of this resistance level could trigger a significant rebound, potentially pushing ETH to $3,900. If this level is surpassed, Ethereum may target the annual high of over $4,000, consolidating its leading position in the ongoing market surge.
The next few days are crucial for Ethereum (ETH), as traders closely follow its ability to maintain its pump momentum and break through these key price levels. With the strengthening of the Altcoin market and the high optimism, ETH's next move may set the tone for the wider cryptocurrency landscape. Whether it achieves a breakthrough or further consolidation, the follow-up on Ethereum highlights its role in shaping this Bull Market cycle.
The current trading price of Ethereum is $3,600, and this key level will determine its next PA. Whether Ethereum can stay above this price will determine whether it can continue its bullish trend or face a pullback as the market closely follows.
If ETH maintains its strength above $3,600, it may further soar, targeting the next important milestone: the annual high of $4,080. Breaking this level will not only reaffirm the bullish trend, but also make it possible for Ethereum to continue pumping to even higher levels.
However, if Ethereum fails to hold above $3,600, it may face a short-term pullback. The first major demand area is at $3,400, which will be a key support level. If even this level cannot be held, it may lead to further decline, and the next potential support area will form in a lower price range.
The market sentiment remains cautiously optimistic, with many analysts emphasizing the importance of Ethereum's current price action. The next few days will be a critical moment as investors and traders look for signs of strength or weakness at this key juncture. Whether Ethereum consolidates further or surges to new highs, its performance could have significant implications for the broader AltCoin market.
(Data Source: Sebastian Villafuerte)