The recent price action of Ethereum suggests a bullish rebound, with sellers struggling to push the asset below the $3K support level. However, ETH remains confined between the 100-day and 200-day moving averages. A breakout from this range will determine the cryptocurrency's next major move. Strong buying pressure near the $3K support zone has led to a significant rebound, but a successful breakout above the $3.5K mark will require increased buying activity and bullish momentum. Ethereum is currently consolidating within a descending wedge pattern and a breakout from the $3K-$3.3K range is imminent. Market participants are closely monitoring the likelihood of a breakout above the current price range, particularly the critical $3.5K resistance level. The decline in funding rates suggests that the market is no longer overheated, creating room for a sustained rally if demand in the spot market increases. However, for a decisive breakout, funding rates must increase further to signal heightened optimism and an influx of long positions.



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