Ethereum Price Nears $4,000 Resistance Level Amid Bullish Momentum

According to CryptoPotato, Ethereum's price has been rapidly increasing over the past few weeks, breaking through multiple resistance levels. Currently, the cryptocurrency is attempting to break through the $4,000 resistance level after failing to do so last week. If successful, Ethereum could reach a new all-time high. However, due to overbought signals on the Relative Strength Index (RSI), a short-term pullback is likely. On the daily chart, Ethereum's price has been steadily rising, making higher highs and lows. The market has left the 200-day moving average far behind, a behavior typically seen during crypto bull markets. In the 4-hour timeframe, the price has been consolidating below the $4,000 level, but bullish momentum appears to be returning, with Ethereum on the verge of surpassing the $4,000 resistance zone. The RSI shows values above 50% but is not yet overbought in this timeframe, suggesting the market could still rise higher before an eventual correction. Market participants expect Ethereum's price to rally even higher, as evidenced by future market sentiment. Ethereum funding rates, which indicate whether buyers or sellers are executing their orders more aggressively on aggregate, have been showing extremely high values recently, even higher than during the last all-time high. While this aggregate buying pressure is not inherently bad, it could lead to a potential long-liquidation cascade that may cause short-term price drops.

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