Ethereum has encountered bearish resistance at the $3,400 mark, primarily due to short-term holders exerting selling pressure. This resistance comes amidst a broader altcoin market rally, triggered by Bitcoin reaching a new all-time high above $99,000.
The increase in open interest suggests that market participants are actively engaging, yet the bearish sentiment from short-term holders continues to challenge Ethereum's upward momentum. The cryptocurrency's ability to break through this resistance is crucial for any substantial price rebound.
As Ethereum navigates this resistance, the market closely watches for potential indicators of a price reversal. Whether Ethereum can overcome this bearish pressure could significantly impact its near-term price dynamics.
