CandleFocus Ethereum Price Analysis: Can ETH Finally Join the Bull Party?
2025-01-16
Author: Content Editor
The price of Ethereum has been declining after being rejected at the $4,000 resistance level. However, the asset has found support at the $3,000 level and has been able to rebound. If Ethereum can break above the $3,500 level, a rally towards the $4,000 resistance zone is expected. The asset has been forming a descending channel on the 4-hour timeframe, with the price rebounding from the lower trendline multiple times. The momentum is currently in favor of a bullish continuation towards $4,000. On the other hand, the open interest metric, which measures the number of open futures contracts, has been consistently rising, indicating the potential for more volatility and liquidations.
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