Ethereum's recent price surge sparked hope among investors, but it was short-lived. The cryptocurrency's price dropped by over 3% in the past week, and it failed to break out of a bullish falling wedge pattern on the charts. This rejection could have led to a 30% price increase and a potential price tag of over $4,000.

At the time of writing, Ethereum was trading at $3,391.51, with a market capitalization of over $407 billion. Despite the recent price correction, some metrics suggest that Ethereum is undervalued, hinting at a potential recovery. The MVRV ratio has improved, and the NVT ratio has declined sharply, indicating that the asset is undervalued.

However, market sentiment remains bearish, with a dip in weighted sentiment and a slight decrease in network growth. To sustain a bull rally, Ethereum needs to touch and go above the $3.5K mark. If it fails to do so, it may fall to $3,060 due to increased liquidations and price corrections.

The current situation is a mixed bag for Ethereum, with both bullish and bearish signals present. While some metrics suggest a potential price hike, others indicate a continued bearish trend. Only time will tell if Ethereum can break through the $3.5K barrier and sustain a bull rally.

In conclusion, Ethereum's price struggles continue, and it remains to be seen when it will break through the $3.5K barrier. While some metrics suggest a potential price hike, others indicate a continued bearish trend. Investors should exercise caution and keep a close eye on market developments before making any investment decisions.