Ethereum falls to 3734, is this the end of Ethereum? No, this is the beginning of Ethereum's sprint to 4100!

Ethereum continues to show strong momentum, with prices hovering below a key level, supported by a persistent bullish structure and growing market interest. Spot prices remain above major moving averages, rebounding strongly from June's lows, with all eyes on whether Ether can break through the $4,107 level. Technical analysis.
On the daily chart, Ethereum is following its bullish structure, turning the $3300 range from resistance into support. The 100-day moving average and the 200-day moving average have also formed a bullish crossover, further confirming this trend.
Additionally, the recently overbought Relative Strength Index (RSI) has slightly pulled back, but it is still at a high level, indicating that momentum may be overheated. However, a clean breakout and reclaiming of previous highs around $3,300 reflects the strength and commitment of buyers. As long as this level holds, the bull market has control over the market.
This structure is a classic sign of trend continuation, especially supported by strong trading volume and momentum indicators. If the price starts to expand again from this consolidation range, the next upside target may be the $4,400 area, where Ethereum previously reached its peak in earlier cycles.
On the contrary, a fall below $3,300 would raise concerns about a deeper pullback, but for now, this scenario seems unlikely unless there is a broader market weakness.
The 4-hour chart further supports the bullish view, with the price consistently staying above a clearly defined upward trend line. The asset continues to respect the trend line, with each pullback accompanied by strong buying interest, indicating that the bulls remain active and are defending the upward trend.
However, caution is needed in the short term, mainly due to the overbought situation on the daily chart. If ETH fails to stay above the $3,700 area or loses the upward trend line, a short-term correction to $3,500 would be a healthy re-adjustment. This level also aligns with the daily support block, so if tested, it will be a logical area for buyers to re-enter. #Eth#
On-chain analysis Ethereum open contracts
In terms of sentiment, Ethereum's open interest across all exchanges has surged to over $27 billion, reaching a multi-year high. This indicates a significant influx of leveraged positions, reflecting the growing speculative demand in the market. Historically, the rise in open interest coincides with price increases, often signaling confidence and the strength of the trend, but it also raises the risk of long position squeezes if the market turns.
However, it is worth noting that even though the open interest (OI) has increased, the funding rate remains at a relatively moderate level. This indicates that most traders are not over-leveraging, and we have not yet seen the kind of frenzy that is typically associated with major tops. #Eth#
This provides more upside potential for Ethereum without the need to worry about an immediate severe deleveraging event. Currently, market positioning remains optimistic but not overheated, keeping the path open for a potential breakout above $4,100.
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