Ethereum is making waves in the cryptocurrency market, hitting its highest levels since June after hitting a local high of $3,688 just a few hours ago. This impressive price action has left investors and analysts excited, with many expecting further gains in the coming hours.

Ethereum is currently eyeing a break above yearly highs, which could set the stage for an even more aggressive rally.

Crypto analyst Carl Runefelt shared a technical analysis of X, highlighting the importance of Ethereum’s current resistance. According to Runefelt, ETH is at a critical juncture, facing a major resistance level that could determine its next move. If Ethereum breaks this barrier, it could quickly rise to $3,900, consolidating its bullish momentum.

As sentiment in the broader market remains forceful, Ethereum’s price action remains unpredictable, especially as it leads altcoins in an uptrend. Investors are now anxiously awaiting whether ETH will be able to maintain its upward trajectory and set fresh milestones in the coming days.

Ethereum reaches fresh highs

Ethereum is making headlines as it hits fresh highs, riding on a wave of bullish momentum as Bitcoin consolidates below the $100,000 level. This growth has positioned Ethereum as a key driver of the altcoin market, which continues to post massive gains and attract investor attention.

As sentiment improves in the broader market, Ethereum’s performance is becoming a focal point for both traders and analysts.

Cryptocurrency analyst Carl Runefelt recently shared technical analysis on Xhighlighting Ethereum’s critical resistance level. According to Runefelt, Ethereum is currently at a turning point. A successful break above this resistance could trigger a edged rally, potentially sending ETH to $3,900. If this level is breached, Ethereum will likely hit yearly highs above $4,000, solidifying its leadership position in the ongoing market rally.

The coming days will be crucial for Ethereum as investors closely monitor its ability to maintain its upward momentum and overcome key price levels. With the altcoin market gaining strength and optimism growing, Ethereum’s next move could set the tone for the broader cryptocurrency landscape. Whether a breakout or further consolidation occurs, the attention on Ethereum highlights its role in shaping this bullish market cycle.

ETH price at a turning point

Ethereum is currently trading at $3,600, which is a key level that will determine the next price direction. With the market watching closely, Ethereum’s ability to stay above this price will determine whether Ethereum can continue its upward momentum or face a pullback.

If ETH maintains strength above $3,600, it will likely rise further to reach another significant milestone: yearly highs of $4,080. A break above this level would not only confirm the bullish trend, but would also position Ethereum for a potential continuation towards even higher levels.

However, Ethereum may face a short-term correction if it fails to sustain above $3,600. The first major demand zone is at $3,400, which would be a critical support level. Failure to maintain even this level may result in further declines, and further potential support zones will be created in lower price ranges.

Market sentiment remains cautiously sanguine, with many analysts highlighting the importance of Ethereum’s current price action. The coming days will be crucial as investors and traders will look for signs of strength or weakness at this critical moment. Whether Ethereum continues to consolidate or surges towards fresh highs, its performance will likely have a significant impact on the broader altcoin market.

Featured image from Dall-E, chart from TradingView