Ethereum is pushing above the $3,800 level, showing a level of strength not seen since early 2024. The second-largest cryptocurrency by market cap has now gained over 50% since late June without a single meaningful retrace, signaling that bulls are firmly in control. The current rally has been supported by growing momentum, rising institutional demand, and increasing clarity on the regulatory front—all contributing to a wave of renewed investor confidence.
This latest move puts Ethereum within striking distance of the $4,000 psychological resistance, with many analysts forecasting that a breakout could happen in the coming days. On-chain metrics and market structure continue to show signs of strength, as ETH holds comfortably above key moving averages and previous resistance levels now flipped into support.
The inflows reflect renewed confidence in Ethereum’s long-term value, particularly as its fundamentals remain strong and institutional demand continues to build. This influx of capital has helped ETH reclaim the $3,800 level and sustain a powerful uptrend that began in late June. However, some analysts remain cautious. While the trend clearly favors the bulls, the market has not yet seen a healthy relief correction to reset momentum and establish a firmer base for further upside.
As Ethereum approaches the critical $4,000 resistance for the first time since December, price action in the coming weeks will be decisive. Bulls are now focused on breaking above this level to confirm continuation, but the potential for short-term consolidation remains on the table. Momentum is strong, but a brief cooldown could strengthen the foundation for the next move.
Ethereum’s weekly chart confirms a powerful breakout, with ETH currently trading around $3,800—a level not seen since early 2024. The surge comes after a clean reclaim of the $2,852 support and a rapid push above the long-standing $3,742 resistance zone. This move, supported by rising volume and a steep incline in price action, reflects strong bullish momentum. More importantly, Ethereum is now trading well above the 50, 100, and 200-week moving averages, which cluster near $2,400–$2,700. This alignment of long-term MAs beneath price offers a solid foundation for further upside.
The structure now mirrors the early phases of Ethereum’s previous bull cycles. If bulls can maintain control and push decisively above $4,000 in the coming days, ETH may enter a price discovery phase, potentially targeting new all-time highs later this year. However, this level has proven to be a major resistance in the past, as seen in early 2022 and late 2023, so rejection is still on the table.
That said, the sharp rally with no major retracement since June increases the likelihood of a short-term consolidation or correction. Still, the overall trend is bullish, and momentum remains clearly in Ethereum’s favor.
Featured image from Dall-E, chart from TradingView
