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Ethereum price analysis shows a strong bullish momentum over the past week, driven by positive economic shifts and increasing demand. Currently trading above $3,700, ETH is poised to continue its ascent.

After a brief consolidation period, Ethereum (ETH) has surged once again, reflecting a strong bullish trend bolstered by favorable economic conditions and rising investor confidence. This surge comes amidst a broader recovery in the cryptocurrency market, with Bitcoin (BTC) also experiencing significant gains.

As of writing, ETH is trading hands at $3,700, up 25% from last week's price of $2,976. This上昇 follows a period of consolidation and sideways movement within a narrow price range. However, with the recent breakout and surge in buying pressure, Ethereum is now positioned for further gains.

Several factors are contributing to the renewed bullish sentiment surrounding ETH. Firstly, the recent interest rate cut by the Federal Reserve has sparked optimism among investors, leading to increased interest in riskier assets such as cryptocurrencies.

Secondly, the political landscape in the United States has shifted dramatically with the election of Donald Trump, whose policies are widely expected to benefit sectors like technology and innovation—including blockchain technology.

Moreover, ETH is preparing to launch a new testnet in March, which will integrate EIP-4844, a highly anticipated upgrade designed to drastically reduce transaction costs on the network. This development is likely to pique the interest of users and propel demand for ETH.

From a technical perspective, Ethereum is encountering resistance at the 50-day Simple Moving Average (SMA) on the weekly chart, currently situated around $3,366. Sustained support at this level could pave the way for ETH to rally towards yearly highs of $4,093.

If ETH manages to breach this resistance and close above it, it could trigger further buying pressure and propel the coin towards higher price targets. However, failure to break through this SMA could lead to a potential pullback or consolidation before another attempt at breaking out.

Overall, Ethereum price analysis indicates a strong bullish trend with key resistance levels to watch for further price movements and potential buying opportunities.