Ethereum Eyes Critical $3,780 Resistance: A Bullish Breakout on the Horizon?

Ethereum Nears Critical Resistance, Bulls in Sight

Ethereum (ETH) is approaching a crucial resistance point at $3,780. Surpassing and holding above this level could trigger a bullish trend, indicating potential gains.

Technical Analysis

Daily chart indicators show bullish sentiment, with the 50-day EMA providing support. Despite recent declines, Ethereum remains a prominent cryptocurrency with a market cap of $405.144 billion.

Total Value Locked (TVL) Surge

Ethereum's TVL has jumped to $59.697 billion, surpassing Bitcoin and indicating growing investor confidence. Stablecoin market capitalization has also risen in tandem.

Recent Price Action

After a 25% surge, Ethereum paused its upward momentum at $3,974. It is now testing resistance at $3,780. The golden crossover between the 50-day and 200-day EMAs suggests a positive long-term trend, but a bearish MACD crossover advises caution.

Key Levels

Support: $2,800, $3,100
Resistance: $3,600, $3,980

Conclusion

Ethereum is nearing a critical resistance level that could determine its bullish potential. While the RSI indicates a slight weakening, the overall technical picture remains positive. Key support and resistance levels to monitor are provided above.