The world’s second-largest cryptocurrency, Ethereum (ETH), has bounced back from its monthly low of $3,000 in March, currently trading at $3,615 with a market capitalization of $433 billion. According to analytics firm Santiment, Ethereum saw a notable price recovery over the weekend, with a record high of 118,230 addresses holding the cryptocurrency, indicating increased investor activity.

Furthermore, the mid-term market value to realized value (MVRV) ratio has shown a slight increase, suggesting a positive market sentiment. Whale transactions in Ethereum have also risen in the past week, along with a significant portion of ETH leaving exchanges, leading to new lows in exchange reserves.

Ethereum Price Analysis

Ethereum's price is currently above $3,550, supported by the 100-hour simple moving average and a bullish trend line forming around $3,550 on the hourly chart. This trend line corresponds closely with the 61.8% Fibonacci retracement level from recent price movements.

Resistance is anticipated near $3,630 and a stronger barrier at $3,650, with potential further resistance at $3,680 and $3,880. A sustainable upward trend could even propel Ethereum towards the $4,000 mark.

The original article can be found on COINTURK NEWS: Ethereum Regains Ground with Strong Market Indicators