The recent price action of Ethereum suggests a strengthening bullish trend as it bounces back from key support and approaches the significant resistance of the 100-day moving average (MA). If ETH successfully breaches this threshold, a sustained bullish trend is expected. Ethereum has witnessed buying activity around the $2.4K support level, leading to a price rebound towards the $2.6K resistance region aligned with the 100-day MA. Reclaiming this MA could initiate a fresh uptrend with targets at the 200-day MA at $2.9K and the upper boundary of the descending channel near $2.8K. On the 4-hour chart, Ethereum's rebound near $2.4K indicates short-term demand, but it faces a critical resistance zone between $2.6K and $2.8K. Positive funding rates in the futures market suggest growing bullish sentiment for Ethereum, but they are still lower than levels seen in March. A higher funding rate would indicate increased buying interest and confidence, potentially fueling a stronger rally for Ethereum.



Other News from Today