The Ethereum price has entered a consolidation phase after being rejected at the $3.5K resistance level. A pullback towards $3K is currently forming, which could set the stage for a bullish continuation in the mid-term. Staying above the 100-day and 200-day moving averages strengthens the bullish outlook. The RSI reading suggests there is still room for growth before reaching overbought territory. The $3.5K resistance zone is critical for Ethereum's bullish trend, and a breakout above this level would reinforce positive sentiment. The futures market sentiment indicates strong demand and optimism among traders, supporting the potential for further upward movement. However, it is important to monitor the $3K support level for any signs of weakness.



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