Key resistance and support levels: The key resistance is set at 3,692 USD while the support range is at 3,338 USD. Crossing above 3,692 USD could pave the way for a bullish trend towards 3,938 USD.

Elliott Wave analysis: The analysis indicates that Ethereum’s price follows an Elliott Wave structure with strong upward phases. Wave (5) aims to surpass previous highs, while maintaining support levels is crucial.

Outlook and next developments: The market needs to monitor 3,692 USD and 3,338 USD to determine the next trend in Ethereum’s price journey. Traders should be prepared for both risks and opportunities.