Ethereum Ready For $3,800 Reclaim Despite Rejection – Third Time’s The Charm?

Ethereum has rallied nearly 70% in the past month, reaching a yearly high of $3,860 before being rejected and retracing to the $3,600 area. The cryptocurrency has seen a significant surge following its price breakout and consolidation between May and June. Ethereum reclaimed the crucial $3,000 barrier and has continued to rise to its most critical resistance around the $3,800 area. Analyst Ali Martinez suggests that the $3,835 resistance and the $3,490 support will likely determine Ethereum's next move. Reclaiming the $3,825 level would set the stage for a rally to the cycle high of $4,107. However, a strong rejection from the key resistance could send the price toward the $3,490 area if the current levels don't hold. Market analyst Andrew Crypto predicts that Ethereum will likely see a correction soon, potentially heading to its yearly opening area between $3,300-$3,400. Despite this, some analysts believe Ethereum's performance resembles its price action from last cycle, with a potential breakout to new highs. A 10%-15% pullback to the $3,300-$3,400 area could come first, but if Ethereum breaks the resistance, a new all-time high is guaranteed. As of now, Ethereum is trading at $3,698, a 21% increase in the weekly timeframe.