Ethereum's price has surged by 4.13% today, reaching $3,502.26, as it tests a crucial resistance level just below $3,500. This upward movement is largely driven by growing optimism among traders and investors, as Ethereum maintains its bullish price structure above the 200-day moving average. According to top analyst Carl Runefelt, Ethereum is poised for a substantial rally once it breaks through this key resistance, potentially climbing to $3,700 within hours. The market sentiment remains optimistic, with increased demand for Ethereum as a catalyst for further price gains.
Additionally, the market's focus has shifted towards Ethereum, as indicated by the high demand for short-term call options. This shift is partly due to a recent trend of funds moving from Bitcoin to Ethereum and other altcoins, as Bitcoin's market cap share has dropped from 62% to 59%. The anticipation of supportive cryptocurrency policies under the Trump administration next year is also contributing to Ethereum's momentum. As Ethereum approaches this pivotal moment, all eyes are on its ability to maintain upward momentum and potentially set the stage for a broader altcoin rally.