#ETHReclaims3800 Ethereum (ETH) recently attempted to reclaim the $3,800 resistance level, but current data shows it's trading at $3,778.50, with a 3.17% decrease over the last day. The cryptocurrency has faced challenges in surpassing this level due to various market factors.
*Key Factors Influencing Ethereum's Price:*
- *Validator Queue:* The Ethereum validator queue has surged to an 18-month high of 633,000 ETH, indicating potential profit-taking from investors.
- *ETFs and Market Sentiment:* Despite the price drop, US spot Ethereum exchange-traded funds (ETFs) have recorded 13 consecutive days of net inflows, attracting $533.87 million and pushing cumulative flows to $8.32 billion.
- *Resistance Levels:* ETH needs to reclaim and hold the $3,800 level as support to maintain its bullish trend. If it fails, the next support levels to watch are $3,470 and $3,220.
- *Market Trends:* Some analysts believe that if dominance rotation cools and demand sticks around, Ethereum flipping $3,800 could be the start of something much bigger, potentially driving the price toward $4,000.¹
*Technical Analysis:*
- *Golden Cross Pattern:* ETH has formed a bullish golden cross pattern on the ETH vs BTC chart, signaling renewed market optimism.
- *Short Liquidations:* ETH's recent surge above $3,800 triggered $150 million in short liquidations, further emphasizing the potential for upward momentum.²
