In recent days, Ethereum (ETH), the second-largest cryptocurrency globally, has made a remarkable recovery after hitting a low point of $3,000 in March. Currently, Ethereum is trading at $3,615, showing a 2.5% increase, and its market capitalization stands at $433 billion.

According to cryptocurrency analysis company Santiment, Ethereum has seen a significant rebound in its price, especially over the past weekend. This recovery comes after experiencing a notable 25% decline from March 11 to 19. Notably, the number of Ethereum addresses holding the cryptocurrency has surged to a record high of 118,230, indicating heightened investor involvement.

Moreover, the mid-term market value to realized value (MVRV) ratio has shown a slight increase, hinting at potential positive market sentiment. Additionally, there has been a rise in Ethereum whale transactions over the past week, suggesting a continuation of the upward price trend. Another positive indicator is the significant amount of Ethereum supply leaving exchanges, with ETH exchange reserves hitting new lows.

In terms of technical analysis, Ethereum is holding above the $3,550 level, supported by the 100-hour simple moving average. A notable bullish trend line is forming on the ETH/USD hourly chart, indicating strong support around the $3,550 mark. This trend line closely corresponds with the 61.8% Fibonacci retracement level, calculated from the recent low of $3,491 to the high of $3,654.

However, there is expected resistance around the $3,630 level, followed by a more substantial barrier at $3,650. Further upward momentum could propel Ethereum towards a critical level at $3,680, where it might face resistance. If this resistance is overcome, Ethereum could aim for the $3,880 resistance level. A sustained upward trend could even drive the price towards the significant milestone of $4,000.

In conclusion, Ethereum's recent resurgence is marked by positive market indicators and technical analysis, suggesting a potential bullish trend in the near future. Investors are closely monitoring its price movements as it aims for higher milestones.