An analyst believes Ethereum (ETH) has significant upside potential, with price targets at $6,000 and $7,000. Ethereum has recently recovered from a low of $3,095 to its current price of $3,281, suggesting a possible extended rally. The analyst predicts that Ethereum could retest the lower boundary of a rising-channel pattern at around $2,800, which could act as a launchpad for a new bullish trend. The analyst also highlights a potential inverted head and shoulders pattern forming in Ethereum's price trend, with a short-term pullback potentially presenting a buying opportunity. However, short-term bearish sentiment is dominating Ethereum derivatives, with open interest dropping and the long-to-short ratio indicating more bearish positions. Key levels like the $2,800 support and $4,000 breakout will be important for Ethereum's price trajectory.



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