The price of Ethereum has started rallying following Bitcoin's rise to record highs, but it still has a long way to go before reaching a new all-time high. The price has recently broken out from $2,800 and has broken the $3,000 level and the 200-day moving average. However, the market is now pulling back towards $3,000 as the RSI enters overbought territory. If the $3,000 level and the moving average hold, Ethereum could continue to rise in the coming weeks. The 4-hour chart also shows a similar pattern, with Ethereum pulling back towards $3,000 and creating a falling wedge pattern. If the wedge is broken to the upside, the market could run towards the $3,500 resistance level, while a breakdown of $3,000 could result in a 10% crash towards $2,700. However, while Ethereum's price is rallying, futures market metrics, such as open interest, show a divergence between price and market activity, indicating the potential for volatility and a flash crash in the short term.



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