The Ethereum (ETH) price has been in a downtrend for the past six months, but recent sentiment shifts suggest a potential recovery. The MVRV Long/Short Difference indicator has fallen into the negative zone for the first time since November 2023, indicating market indecisiveness. Short-term holders and long-term holders are experiencing equal gains and losses, which is a sign of market weakness. However, some technical indicators, such as the funding rate, remain positive, suggesting a hopeful outlook for ETH's price trajectory. Ethereum's price is likely to remain rangebound in the near term, with $2,681 and $2,344 as key levels. Maintaining the $2,344 support could lead to a potential breakout and a bullish trend, while failing to hold this support could result in further bearish continuation.



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