Ethereum Price Surge Approaching Key Resistance at $3,800

The price of Ethereum has surged to $3,677, reflecting a 16.5% increase over the past week. Testing of the $3,800 level continues but encounters resistance. Key metrics, such as the ESR (Exchange Supply Ratio) and open interest in futures, are noteworthy. The ESR is approaching a low at around 0.145, indicating limited selling pressure. The open interest in futures contracts stands at $55.9 billion, while the funding rate is at 0.01%, lower than recent highs. Overcoming the $3,832 resistance may be insufficient without also breaking through the cluster of holders above $3,888. For Ethereum to advance, key levels to surpass include $3,635 and $3,832. A daily close above $3,896 could open the path toward $4,402. In case of corrections, immediate support levels are $3,635 followed by $3,480. Falling below these support levels, coupled with rising ESR, could swiftly weaken the bullish outlook. Watching these markers is essential for assessing future movements.