Ethereum is showing signs of a potential breakout from its falling wedge pattern, with its price currently testing the lower boundary of the wedge. The support level at $3,140 has held for several days, indicating the presence of bullish activity. However, the resistance at $3,250 has prevented Ethereum from breaking through on multiple occasions. Technical indicators, such as the RSI and MACD, suggest that momentum is shifting in favor of the bulls despite the price decline. Traders should closely monitor market volatility, particularly with the upcoming FOMC meeting, as it could impact Ethereum's price. Recent data on Ethereum liquidation and options volume indicate that traders are positioning themselves for a major move, with bullish sentiment prevailing in the short term. To confirm the breakout, Ethereum must surpass the $3,250 resistance level. Failure to do so could result in consolidation.



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