Ethereum’s Price Surge Faces Resistance at $3,660: Will Bulls Prevail?

• Ethereum is trading at $3,624, targeting $3,740 if momentum holds, with $3,430 as potential support.
• US CPI data decreased to 3.3%, boosting the crypto market, with Bitcoin nearing $70,000 and Ethereum rising.
• Ethereum’s daily active addresses dropped from 622,963 in March to 458,400 in June, despite increased large transactions.

Ethereum (ETH) is currently on a strong upward trend, encountering resistance at around $3,660, suggesting short-term traders might be taking profits. 

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Buyers have driven the price above immediate Fibonacci channels, targeting a further rise above EMA trend lines. ETH is trading at $3,624, reflecting a 3.3% increase in the past 24 hours. If this buying momentum continues, $3,430 could become a solid support level, increasing the likelihood of reaching $3,740. Conversely, if the price falls below $3,430, selling pressure could intensify, potentially driving the price down to $3,172.

The latest US CPI data for May showed a slight decrease in inflation, dropping to 3.3% from April’s 3.4%. This development positively impacted the market, spurring a significant recovery in major cryptocurrencies. Bitcoin is approaching the $70,000 mark, while Ethereum has experienced increased buying activity, pushing it towards key price levels and boosting on-chain metrics.

The crypto market responded favorably to the soft CPI report. Bitcoin’s price surged towards $70,000, and Ethereum’s price approached $3,700. Data indicates a significant increase in large transaction volumes, with Ethereum whales transacting over $13 billion in the past 48 hours, suggesting potential accumulation ahead of a significant move. 

However, Ethereum’s network activity has declined in certain metrics over the past 90 days. There’s a drop in daily active addresses from 622,963 on March 20 to 458,400 on June 10, with a 1.2% decrease in the past 48 hours.

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