As I wrote earlier, one of the scenarios for Ethereum is an attempt to consolidate above $3400
Ethereum is once again testing the $3400 level, which is an important barrier to continued growth. This level acts as a key resistance zone, and its breakthrough could lead the price to $3600, and in the case of a positive market sentiment, to $4000.
Technical indicators (RSI and MACD) indicate a possible resumption of the bullish trend. ETH is also stabilizing above the 50-day moving average, which creates a basis for further growth.
Fundamentally, the Ethereum network is supported by high activity in DeFi, the effectiveness of the EIP-1559 update, and the transition to Ethereum 2.0, which increases the demand for staking.
In case of failure to consolidate above $3400, the price may roll back to the support levels of $3200 or even $3000. However, stabilization above $3400 will open up new opportunities for further growth of ETH.
