Despite a stable trend in intraday movements, Ethereum's price trajectory suggests a potential uptick towards surpassing the $4000 milestone. Analysts note that Ethereum has shown resilience by staying above key moving averages, even amidst market fluctuations. The supply of Ethereum on exchanges has reached an 8-year low, hinting at a possible surge in price. Recent data also indicates a notable increase in daily transactions, indicating growing activity and confidence in the Ethereum network.

The recent resurgence of bearish sentiment, triggered by higher-than-expected U.S. jobs data, momentarily subdued market sentiment. However, Ethereum bulls are expected to counter this selling pressure and drive the cryptocurrency towards higher price levels.

Market indicators such as the RSI and Fibonacci retracement levels suggest a positive trajectory for Ethereum. Noteworthy figures in the crypto community have highlighted factors contributing to Ethereum's optimistic outlook, including the decrease in ETH supply on exchanges and the upcoming launch of Ethereum ETFs, which could lead to a significant supply shock and price surge.

Furthermore, the rise in futures open interest indicates growing investor speculation and anticipation of Ethereum's future price movements. While immediate support levels for Ethereum are identified at $3620 and $3500, significant resistance levels lie at $3800 and $3980.