The altcoin Ethereum has been experiencing challenges recently, including market volatility and liquidations, which have put it under bearish pressure. However, there is a bullish divergence on its daily chart, suggesting that a rebound and possible rally above $3,000 may be on the horizon. The Chaikin Money Flow (CMF) indicator has maintained an upward trend despite the price decline, indicating increased buying pressure despite the downtrend. This suggests that ETH traders are accumulating the asset at lower prices, potentially leading to a reversal. Additionally, the funding rate for ETH has turned positive again, indicating that futures traders are favoring long positions and demonstrating renewed confidence in ETH's price recovery. The price of Ethereum has been trading within a descending channel, which typically signifies a bearish trend. However, if there is a breakout above the channel, it could indicate a potential reversal and push the price of ETH to $3,249. On the other hand, if the breakout attempt fails, the price may decline towards the channel's support at $2,553.



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