Ethereum price broke and closed above the weekly resistance of $3,454 on Wednesday and rallied almost 3.5% in the next 4 days. At the time of writing on Monday, it hovers around $3,691.

If the $3,454 holds as support, ETH could rally to retest the psychologically important $4,000 level.

The RSI indicator on the daily chart reads at 68, above its neutral level of 50, indicating that bullish momentum is gaining traction well below overbought conditions.