ChainCatcher message: The price of Ethereum has increased by 7.5% over the past week, with the Golden Cross bullish technical indicator and an RSI (Relative Strength Index) currently at 63.6 suggesting further gains may be possible. 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 a recovery in confidence among large investors. If this trend continues, such accumulation could further drive up prices. The RSI has recently retreated from overbought levels, reflecting a neutral to bullish market sentiment. If the RSI rises to around 70, it could reignite upward momentum; however, if it falls below 50, it may indicate weakening market strength.
The Ethereum Golden Cross formed earlier this month supports a bullish outlook, with the next key resistance level at $3,827. If this level is broken, it could pave the way toward $4,000; however, maintaining the support level at $3,543 will be crucial to avoid a downturn.
