Ethereum (ETH) has started to recover after weeks of declines, rising 7.5% in the past week and reclaiming the $3,300 level. This has generated renewed interest from market participants, who are optimistic about Ethereum's potential for further gains. CryptoQuant QuickTake Platform contributor ShayanBTC suggests that Ethereum is consolidating within a range of $3,200 to $3,500, indicating a possible bullish breakout on the horizon. Funding rates, an indicator of market sentiment, have started to rise again, signaling increased confidence in Ethereum's performance. Attention is focused on the $3,500 resistance level, with sustained bullish momentum needed for a breakout. The futures market, funding rates, long positions, and trading activity will determine whether Ethereum can overcome this resistance. While ETH's price has increased by more than 10% in the past week, it is still significantly below its all-time high. Nevertheless, some analysts remain bullish, citing positive factors such as the new pro-crypto administration. A trader named Trader PA predicts a significant rally in Ethereum, envisioning it reaching $5,000 and pointing to a bullish pattern on the ETH chart.



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