The recent price action of Ethereum suggests that a significant rebound may be imminent. The cryptocurrency has retraced to the lower boundary of an ascending channel, indicating a possible bullish move towards the $3,560 resistance zone. The chart shows a strong rejection of lower levels, with support at $3,340 potentially leading to a recovery towards the upper boundary of the channel. The immediate resistance lies at $3,400, with a breach of this level potentially paving the way for a rally towards $3,500 and ultimately $3,560. However, failure to break above $3,400 could result in a revisit of lower levels. Traders are advised to place stop-loss orders near $3,302 to protect against downside risks. The rebound prospects for Ethereum align with improving market sentiment and the RSI suggests oversold conditions, further supporting the likelihood of a bounce. Caution should still be exercised, as a break below $3,302 could signal a bearish shift. Overall, Ethereum's resilience at critical levels and its growing adoption are leaving market participants optimistic about its near-term performance.



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