Ethereum's funding rate has reached its highest level since March, indicating bullish sentiment among traders. However, high funding rates can be a warning sign of an overheated market and potential volatility. Analysts suggest that an increase in the Exchange Net Position Change metric, which tracks ETH supply on exchanges, could lead to a sell-off. Despite a recent price increase, Ethereum faces resistance at $3,500 and bears currently have the upper hand, which could push the price down to $3,009. However, if bulls can prevent a drop below $3,221, the price may climb towards $3,563 and potentially reach $4,000 in the short term.



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