Ethereum (ETH) has broken away from two weeks of consolidation under $3,524, leading to a noticeable price upsurge.
The altcoin is approaching the vital $3,721 barrier, backed by strong investor momentum, suggesting a push towards $4,000. The substantial outflow of 89,000 ETH from exchanges, while worth $323 million, indicates increased accumulation as long-term investors secure their holdings.
The growing FOMO could drive demand further, aligning with investor optimism about Ethereum's growth potential. The Chaikin Money Flow (CMF) indicator, nearing bullish territory, signals more inflows into ETH, strengthening this accumulation trend.
Ethereum trades at $3,681, just under the $3,721 resistance, which, if surpassed, could lead ETH to its 2024 high of $4,107. Positive investor sentiment and favorable market conditions suggest a potential climb to $3,988, marking a solid recovery.
However, failure to overcome $3,721 might cause Ethereum to fall back to $3,524, disrupting the bullish momentum.
