On a technical level, Ethereum (ETH) has been following a clear trendline, which can be clearly observed in the 4-hour chart.
The recent breakout shows momentum for the price to rise, especially after breaking through the key level of $3,480.
However, it is expected that around $3,700, ETH may encounter an important resistance area, which may lead to a retracement to about $3,230, which will pose a certain challenge for further gains.
For investors who want to take advantage of the potential upside of Ethereum, implementing a bullish strategy may be a favorable option.