Ethereum (ETH) is struggling to close above $4,000 despite recent bullish events. The altcoin faces significant resistance at the 61.8% Fibonacci Retracement level ($3,829). With 93% of the total supply in profit, further price increases could trigger selling, forming a market top. Indicators suggest a potential drop to $3,582 if bearish sentiment prevails, although flipping the resistance level could push ETH above $4,000.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
