ETH has risen 7.5% in the past week, showing momentum towards the $4,000 milestone.
The golden cross, bullish technical indicators, and the current RSI (Relative Strength Index) of 63.6 suggest that ETH has the potential to continue rising.
However, the market is still at a critical moment, and support and resistance levels will determine its trajectory.
Whale activity is a key factor in the dynamics of the Ethereum market, having rebounded after a brief drop in early January.
The number of wallets holding at least 1,000 ETH has surged to 5,615, indicating a revival of confidence among large investors.
Analysts believe that if this trend continues, this accumulation could further drive prices up.
Moreover, the RSI has recently pulled back from overbought levels, reflecting a neutral to bullish sentiment. While rising to 70 may reignite upward momentum, dropping below 50 may indicate a weakening of momentum.
The golden cross formed by ETH earlier this month supports a bullish outlook, with resistance at $3,827 being the next key target. Breaking through this level could pave the way for $4,000, but maintaining the support level at $3,543 is crucial to avoid a downturn.
