Market optimism surrounding Ethereum is on the rise, fueled by favorable conditions and growing confidence in its growth potential.

This surge in optimism follows a consolidation period during which Ethereum stabilized and built bullish momentum.

The recent bounce at $3,051 has highlighted the strength of this support level and reflects bullish investor sentiment.

Despite trading below the 100-day Simple Moving Average (SMA), recent rebounds indicate increasing bullish pressure.

The price action demonstrates resilience, with buyers actively regaining control and challenging key technical levels.

Ethereum is currently experiencing a strong recovery, moving towards a critical resistance level of $3,659.

Monitoring Ethereum's ability to maintain its upward trajectory as it approaches this resistance level is crucial for predicting future price movements.

The Relative Strength Index (RSI) shows potential for further upward movement, with a rise towards the critical 50% threshold suggesting a market sentiment reversal.

If the RSI rises above 50%, it could confirm sustained bullish momentum and further drive Ethereum's price higher.

Key resistance levels to watch include $3,659, which could confirm upside strength, and $4,100, potentially leading to $4,863 if breached.

However, failure to overcome resistance levels like $3,659 could lead to a stall in the rally and renewed bearish pressure, testing lower support levels.

A breakthrough above $3,659 could trigger a new phase of upward momentum for Ethereum.