On June 6, 2023, the price of Ethereum rose by 7.5% over the past week, with the bullish technical indicator known as the Golden Cross and an RSI (Relative Strength Index) currently at 63.6, both suggesting the possibility of further gains. However, the market is at a critical moment, and support and resistance levels will determine its future direction.

After a brief decline in early January, whale activity has rebounded. The number of wallets holding at least 1,000 ETH has increased to 5,615, indicating that the confidence of large investors is recovering. If this trend continues, this accumulation could further drive the price up. The RSI has recently pulled back from overbought levels, reflecting a neutral to bullish market sentiment. If the RSI rises towards 70, it may reignite upward momentum; however, if it falls below 50, it could indicate weakening market strength.

The Ethereum Golden Cross formed earlier this month supports a bullish outlook, with the next key resistance target at $3,827. If this level is breached, it may pave the way towards $4,000; however, to avoid a downturn, it is crucial to maintain the support level at $3,543.