Ethereum’s price has continued its upward climb, exceeding the $3,900 mark and signaling a bullish trend for the cryptocurrency. This rally comes after a challenging year marked by underperformance that significantly impacted market capitalization. A recent surge of 29% between May 8th and 9th has brought Ethereum out of a prolonged bear market, finally reaching its lowest point at $1,385 on April 9th. The current price is $2,421, representing a 3.12% increase in the last 24 hours and a notable 32.12% surge over seven days. 2023 hasn’t been kind to Ethereum, as its underperformance contributed to an overall market cap decline of 17% for the year. 80% of traders are anticipating short-term gains, according to CoinMarketCap, and market sentiment remains bullish. Analysts predict potential resistance levels at $3,947 if the positive momentum persists, followed by a second level at $4,420.8. On the flip side, failure to maintain the upward trend could lead to support levels at $2,413.4 and $1,939.7. Traders are keeping their eyes on the next month’s performance as an indicator of whether this bullish momentum will hold or if we’ll see a test of the $2,000 level.