Ethereum's price has surged by 3.30% today, reaching a high of $3,521.25, as it tests a crucial resistance level just below $3,500. This upward momentum is driven by a combination of technical factors and growing market optimism. According to top analyst Carl Runefelt, Ethereum's price action has built a solid foundation for further growth, and breaking through the $3,500 barrier could rapidly propel the cryptocurrency to $3,700. The consistent on-chain activity and increasing institutional interest in Ethereum are further fueling this bullish sentiment, as traders and investors closely watch for signs of a breakout that could set the tone for the remainder of the year.
The broader cryptocurrency market is also experiencing a positive shift, with altcoins like Dogecoin and XRP seeing significant gains. This rotation to altcoins is partly attributed to the upcoming exit of SEC Chair Gary Gensler, which has lifted regulatory pressures on certain digital assets. As Ethereum approaches this pivotal moment, its ability to maintain upward momentum is crucial. A strong push past $3,500 would confirm the bullish structure and potentially ignite an altseason, where other cryptocurrencies follow Ethereum's lead.