Ethereum reaches key resistance as FOMO fuels bullish sentiment

On Sunday, ETH/USD briefly tested the $3600 area but was unable to break above.

Although the bullish move seems to slow down, the bulls remain in control over the market. Since mid-March, ETH was continuously growing, bouncing 35%. Crypto analysts predict that if bulls manage to break the barrier, the next resistance level will be $3,900, the January 2022 high.

ETH/USD
Ethereum/ U.S. Dollar Source: tradingview.com

Currently, the market driver for Ethereum is its anticipated transition from proof-of-work to a proof-of-stake consensus. As the new algorithm will cut energy consumption and greenhouse gas emissions, it receives a considerably greater share of media coverage. Being anxious about losing an opportunity to add value to their portfolio, retail investors jump into the asset, driving up the price.