Ethereum Bulls Break Local Resistance, Surging Toward $3,900!

• Ethereum’s price rose by almost 2% recently.
• ETH broke resistance at $3,816, signaling a bullish trend.
• Near the  $3,993 resistance, buyers may need time for momentum, possibly leading to $3,700 to $3,900 range trading.

Ethereum (ETH) has been making notable moves, with its price showing a nearly 2% increase in the last day. 

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A glance at the hourly chart reveals an encouraging trend for ETH enthusiasts: the currency appears bullish as it surges past the local resistance barrier of $3,816. This upward momentum, if sustained by the buyers, could potentially propel Ethereum towards the $3,850 to $3,900 range in the near future.

Zooming out to the daily timeframe unveils another crucial level to monitor, sitting at $3,841. Should the price manage to close above this threshold without significant pullback, it could signal a substantial buildup of buying pressure, paving the way for further ascent towards the $3,950 mark. 

However, it’s worth noting that Ethereum has come tantalizingly close to breaching the $3,993 resistance, suggesting a lingering bullish sentiment in the market. Yet, the possibility remains that buyers may require additional time to amass sufficient momentum for a sustained rally. Consequently, a period of sideways trading within the $3,700-$3,900 range might be on the horizon.

As of the latest update, Ethereum is exchanging hands at $3,820. According to forecasts by CoinCodex, the price of Ethereum is anticipated to witness a modest 2.04% uptick, potentially reaching $3,864.48 by June 25, 2024. The prevailing sentiment, as indicated by technical analysis, leans towards bullish, complemented by a Fear & Greed Index registering at 75 (Greed). 

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